Freddie Mac (OTCMKTS:FMCC) Stock Price Up 13.5% – Here’s What Happened

Shares of Freddie Mac (OTCMKTS:FMCC) shot up 13.5% during trading on Thursday. The company traded as high as $4.13 and last traded at $4.13. 2,061,268 shares changed hands during trading, a decline of 26% from the average session volume of 2,777,854 shares. The stock had previously closed at $3.64.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Mizuho cut Freddie Mac from an “outperform” rating to a “neutral” rating and set a $4.00 price objective for the company. in a research note on Monday, October 12th. Keefe, Bruyette & Woods lowered their price target on Freddie Mac from $6.50 to $3.50 and set an “underperform” rating on the stock in a research report on Monday, September 28th. Finally, Wedbush started coverage on shares of Freddie Mac in a research report on Thursday, October 22nd. They set an “outperform” rating and a $6.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Freddie Mac has an average rating of “Hold” and a consensus target price of $8.38.

Freddie Mac Trading Up 7.0%

The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 221.11 and a beta of 1.74. The stock’s fifty day simple moving average is $4.39 and its 200-day simple moving average is $5.80.

Freddie Mac (OTCMKTS:FMCC) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.01 earnings per share (EPS) for the quarter. Freddie Mac had a negative return on equity of 105.31% and a net margin of 9.73%. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.19 billion. On average, analysts anticipate that Freddie Mac will post 0.01 EPS for the current fiscal year.

Freddie Mac Company Profile

Freddie Mac, formally known as the Federal Home Loan Mortgage Corporation, is a government-sponsored enterprise focused on supporting liquidity, stability and affordability in the U.S. housing market. It operates primarily in the secondary mortgage market rather than making most home loans directly to consumers.

The company purchases residential mortgage loans from approved lenders, providing those institutions with funds to make additional loans. Freddie Mac also pools eligible mortgages into securities that it guarantees and sells to investors.