Granite Point Mortgage Trust (NYSE:GPMT) Rating Lowered to “Sell” at Wall Street Zen

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

Several other brokerages have also recently issued reports on GPMT. Compass Point set a $1.50 price objective on Granite Point Mortgage Trust in a report on Monday, May 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2.50.

Granite Point Mortgage Trust Price Performance

Shares of GPMT opened at $1.54 on Friday. The stock has a market capitalization of $73.56 million, a price-to-earnings ratio of -1.43 and a beta of 1.63. Granite Point Mortgage Trust has a 1 year low of $1.24 and a 1 year high of $3.12. The business’s 50 day simple moving average is $1.44 and its 200-day simple moving average is $1.94.

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

Institutional Trading of Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently bought and sold shares of GPMT. LPL Financial LLC purchased a new stake in Granite Point Mortgage Trust during the 4th quarter valued at $25,000. Advisory Services Network LLC bought a new position in Granite Point Mortgage Trust in the 3rd quarter valued at $26,000. B. Riley Wealth Advisors Inc. bought a new position in Granite Point Mortgage Trust in the 2nd quarter valued at $28,000. Hudson Bay Capital Management LP bought a new position in Granite Point Mortgage Trust in the 2nd quarter valued at $31,000. Finally, Jump Financial LLC bought a new position in Granite Point Mortgage Trust in the 2nd quarter valued at $31,000. Hedge funds and other institutional investors 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.