Freddie Mac (OTCMKTS:FMCC) Shares Gap Up After Analyst Upgrade

Freddie Mac (OTCMKTS:FMCC) gapped up prior to trading on Monday after Mizuho upgraded the stock to a strong-buy rating. The stock had previously closed at $7.1260, but opened at $7.65. Mizuho now has a $9.00 price target on the stock. Freddie Mac shares last traded at $7.91, with a volume of 1,099,124 shares trading hands.

Other research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods cut their price target on shares of Freddie Mac from $9.00 to $8.50 and set an “underperform” rating for the company in a report on Monday, April 20th. BTIG Research began coverage on shares of Freddie Mac in a report on Monday, January 26th. They set a “buy” rating and a $20.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Freddie Mac presently has an average rating of “Moderate Buy” and an average target price of $15.17.

Freddie Mac Price Performance

The stock’s fifty day simple moving average is $6.05 and its 200-day simple moving average is $8.11.

Freddie Mac (OTCMKTS:FMCC) last issued its earnings results on Thursday, April 30th. The company reported $0.01 earnings per share (EPS) for the quarter. Freddie Mac had a net margin of 8.61% and a negative return on equity of 65.39%. The company had revenue of $6.13 billion during the quarter, compared to analysts’ expectations of $5.61 billion. As a group, equities research analysts anticipate that Freddie Mac will post 0.01 EPS for the current year.

About Freddie Mac

Freddie Mac (OTCMKTS:FMCC), officially the Federal Home Loan Mortgage Corporation, is a government-sponsored enterprise chartered by Congress in 1970 to enhance liquidity and stability in the U.S. housing finance system. Headquartered in McLean, Virginia, the company operates under the supervision of the Federal Housing Finance Agency (FHFA) and carries a congressional mandate to support affordable, sustainable homeownership and rental housing markets nationwide.

The company’s primary business activities involve purchasing mortgage loans from approved lenders, pooling them into mortgage-backed securities (MBS), and guaranteeing the timely payment of principal and interest to investors.