Granite Point Mortgage Trust (NYSE:GPMT) Cut to "Sell" at Wall Street Zen

Key Points

• Granite Point Mortgage Trust (NYSE:GPMT) has been downgraded from "hold" to "sell" by Wall Street Zen, indicating a negative outlook for the company's stock.
• In recent reports, Keefe, Bruyette & Woods increased their price target for GPMT from $2.25 to $2.75, while UBS Group raised it from $3.25 to $3.50, reflecting differing analyst perspectives.
• The company reported a negative net margin of 59.38% and is expected to post a loss of -2.75 earnings per share for the current fiscal year.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

GPMT has been the subject of several other reports. Keefe, Bruyette & Woods raised their price objective on shares of Granite Point Mortgage Trust from $2.25 to $2.75 and gave the stock a "market perform" rating in a report on Thursday, July 10th. Weiss Ratings restated a "sell (d-)" rating on shares of Granite Point Mortgage Trust in a report on Wednesday. UBS Group raised their target price on shares of Granite Point Mortgage Trust from $3.25 to $3.50 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Finally, Compass Point set a $3.00 target price on shares of Granite Point Mortgage Trust in a research note on Thursday. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $3.08.

Granite Point Mortgage Trust Price Performance

NYSE GPMT opened at $2.70 on Friday. The company has a 50-day simple moving average of $2.88 and a two-hundred day simple moving average of $2.52. Granite Point Mortgage Trust has a 12-month low of $1.61 and a 12-month high of $3.66. The firm has a market cap of $127.98 million, a price-to-earnings ratio of -1.27 and a beta of 1.89.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last posted its earnings results on Wednesday, May 25th. The company reported $0.38 earnings per share for the quarter. The company had revenue of $27.77 million during the quarter. Granite Point Mortgage Trust had a negative net margin of 59.38% and a negative return on equity of 26.91%. Equities analysts expect that Granite Point Mortgage Trust will post -2.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Granite Point Mortgage Trust

In related news, Director Lazar Nikolic bought 3,000 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was acquired at an average price of $19.61 per share, with a total value of $58,830.00. Following the transaction, the director owned 4,193 shares in the company, valued at approximately $82,224.73. This trade represents a 251.47% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. May Hill Capital LLC purchased a new position in shares of Granite Point Mortgage Trust during the 2nd quarter worth $28,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $28,000. Confluence Wealth Services Inc. purchased a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $29,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Granite Point Mortgage Trust during the 1st quarter valued at $30,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $31,000. Hedge funds and other institutional investors own 51.63% of the company's stock.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc, a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property.

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