Wall Street Zen Upgrades Granite Point Mortgage Trust (NYSE:GPMT) to Hold

Granite Point Mortgage Trust (NYSE:GPMT) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other equities analysts also recently commented on the company. Compass Point set a $1.50 price objective on Granite Point Mortgage Trust in a research report on Monday, May 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Granite Point Mortgage Trust has a consensus rating of “Hold” and an average price target of $2.50.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock opened at $1.38 on Friday. Granite Point Mortgage Trust has a one year low of $1.24 and a one year high of $3.12. The company has a market cap of $65.89 million, a price-to-earnings ratio of -1.29 and a beta of 1.65. The business’s 50 day moving average price is $1.49 and its 200 day moving average price is $2.07.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.13. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%.The firm had revenue of $11.22 million for the quarter, compared to the consensus estimate of $7.40 million. On average, analysts predict that Granite Point Mortgage Trust will post -0.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GPMT. LPL Financial LLC acquired a new stake in Granite Point Mortgage Trust during the fourth quarter worth $25,000. Advisory Services Network LLC acquired a new stake in Granite Point Mortgage Trust during the third quarter worth $26,000. B. Riley Wealth Advisors Inc. acquired a new stake in Granite Point Mortgage Trust during the second quarter worth $28,000. Hudson Bay Capital Management LP acquired a new stake in Granite Point Mortgage Trust during the second quarter worth $31,000. Finally, Jump Financial LLC acquired a new stake in Granite Point Mortgage Trust during the second quarter worth $31,000. Institutional investors and hedge funds own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments.

Granite Point’s investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings.