Granite Point Mortgage Trust (NYSE:GPMT) Downgraded to "Strong Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Granite Point Mortgage Trust to “strong sell.” Other analysts maintain mostly neutral or sell ratings, giving the stock a consensus “Reduce” rating and an average price target of $1.33.
• GPMT shares opened at $1.20, near their 52-week low of $1.17 and below both the 50-day and 200-day moving averages. The stock has a market capitalization of approximately $57.6 million.
• The company reported a quarterly loss of $0.79 per share, missing expectations by $0.40, despite revenue of $8.27 million exceeding estimates. Granite Point also reported negative margins and return on equity, while institutional investors own 51.63% of its shares.

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

Several other equities research analysts have also recently commented on GPMT. Keefe, Bruyette & Woods dropped their target price on Granite Point Mortgage Trust from $1.50 to $1.25 and set a "market perform" rating on the stock in a report on Wednesday. UBS Group initiated coverage on Granite Point Mortgage Trust in a research note on Thursday, July 16th. They set a "neutral" rating and a $1.50 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Granite Point Mortgage Trust in a research note on Friday, July 17th. Finally, Compass Point set a $1.25 price target on Granite Point Mortgage Trust in a research report on Wednesday. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Granite Point Mortgage Trust currently has a consensus rating of "Reduce" and an average price target of $1.33.

Granite Point Mortgage Trust Trading Down 2.0%

Granite Point Mortgage Trust stock opened at $1.20 on Friday. The stock has a market cap of $57.60 million, a price-to-earnings ratio of -0.59 and a beta of 1.61. The company's 50-day moving average price is $1.38 and its two-hundred day moving average price is $1.54. Granite Point Mortgage Trust has a 52 week low of $1.17 and a 52 week high of $3.12.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.79) EPS for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.40). The company had revenue of $8.27 million for the quarter, compared to the consensus estimate of $7.85 million. Granite Point Mortgage Trust had a negative return on equity of 10.25% and a negative net margin of 73.75%. Research analysts expect that Granite Point Mortgage Trust will post -0.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GPMT. MetLife Investment Management LLC boosted its stake in shares of Granite Point Mortgage Trust by 68.3% during the 1st quarter. MetLife Investment Management LLC now owns 21,334 shares of the company's stock worth $55,000 after acquiring an additional 8,658 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Granite Point Mortgage Trust by 473.4% in the 1st quarter. AQR Capital Management LLC now owns 156,518 shares of the company's stock worth $407,000 after acquiring an additional 129,222 shares during the last quarter. Marshall Wace LLP raised its position in shares of Granite Point Mortgage Trust by 9,425.4% during the second quarter. Marshall Wace LLP now owns 1,007,221 shares of the company's stock worth $2,488,000 after purchasing an additional 996,647 shares during the period. Jump Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth $31,000. Finally, Qube Research & Technologies Ltd raised its position in shares of Granite Point Mortgage Trust by 948.9% during the second quarter. Qube Research & Technologies Ltd now owns 141,808 shares of the company's stock worth $350,000 after purchasing an additional 128,288 shares during the period. Institutional investors own 51.63% of the company's stock.

Granite Point Mortgage Trust Company Profile

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.

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