UBS Group Forecasts Strong Price Appreciation for Ellington Credit (NYSE:EARN) Stock

Ellington Credit (NYSE:EARN - Get Free Report) had its price objective boosted by equities researchers at UBS Group from $5.50 to $5.75 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the real estate investment trust's stock. UBS Group's price target indicates a potential downside of 4.56% from the company's current price.

A number of other analysts have also issued reports on EARN. Piper Sandler dropped their price objective on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Wall Street Zen downgraded shares of Ellington Credit from a "hold" rating to a "sell" rating in a report on Friday, May 16th.

Ellington Credit Stock Up 0.6%

Shares of EARN stock traded up $0.04 during trading hours on Wednesday, hitting $6.03. 269,540 shares of the company were exchanged, compared to its average volume of 595,776. The firm has a market cap of $226.30 million, a PE ratio of -46.34 and a beta of 1.29. Ellington Credit has a 1 year low of $4.32 and a 1 year high of $7.17. The firm has a fifty day moving average of $5.71 and a 200 day moving average of $5.90.

Ellington Credit (NYSE:EARN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.01). Ellington Credit had a negative net margin of 21.82% and a positive return on equity of 17.67%. The business had revenue of $9.25 million during the quarter, compared to analysts' expectations of $10.35 million. During the same quarter in the previous year, the business posted $0.27 EPS. Analysts expect that Ellington Credit will post 1.17 earnings per share for the current year.

Institutional Trading of Ellington Credit

Several institutional investors and hedge funds have recently bought and sold shares of EARN. Bank of New York Mellon Corp acquired a new stake in Ellington Credit during the 4th quarter worth about $955,000. Quantbot Technologies LP acquired a new stake in Ellington Credit during the 4th quarter worth about $30,000. Plancorp LLC acquired a new position in shares of Ellington Credit in the 4th quarter valued at about $100,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Ellington Credit by 35.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 195,955 shares of the real estate investment trust's stock valued at $1,297,000 after purchasing an additional 51,345 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Ellington Credit by 12.9% in the 4th quarter. Geode Capital Management LLC now owns 304,629 shares of the real estate investment trust's stock valued at $2,018,000 after purchasing an additional 34,779 shares during the period. Institutional investors and hedge funds own 20.40% of the company's stock.

Ellington Credit Company Profile

Ellington Credit Company, a real estate investment trust, acquires, invests in, and manages residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS, such as non-agency CMOs, such as investment grade and non-investment grade.