Granite Point Mortgage Trust (NYSE:GPMT) has recently attracted attention from analysts and investors due to fluctuations in its stock price.
UBS Group has raised its stock price target for the company from $3.50 to $4.00, indicating a potential upside of approximately 21.95% from the current trading price. UBS has also given the stock a "buy" rating. On the other hand, Keefe, Bruyette & Woods has raised its target price for Granite Point Mortgage Trust from $2.75 to $3.00 and assigned an "underperform" rating. This difference in analyst opinions reflects the mixed sentiment surrounding the stock.
In terms of recent trading activity, the stock experienced a decline of 2.1% and closed at $3.28. The trading volume for the day was significantly lower than the average volume. The market capitalization of the company is $163.87 million, and it currently operates at a loss. Over the past year, the stock has seen a low of $2.46 and a high of $6.41, indicating volatility. The fifty-day simple moving average is $3.00, while the 200-day simple moving average is slightly higher at $3.04. The beta of 1.79 suggests that the stock is more volatile than the broader market.
Institutional investors have been adjusting their stakes in Granite Point Mortgage Trust. BNP Paribas Financial Markets increased its stake by 35.6% in the first quarter, while Acadian Asset Management LLC boosted its position by 2.6%. Other significant movements include Price T Rowe Associates Inc. MD, Public Employees Retirement System of Ohio, and Jacobs Levy Equity Management Inc. Collectively, these institutional investors own 51.63% of the company.
Granite Point Mortgage Trust operates as a real estate investment trust (REIT) and specializes in originating and managing senior floating-rate commercial mortgage loans. The company provides intermediate-term bridge or transitional financing for various purposes. Its business model allows it to adapt to changing market conditions and investor needs. The company's strategic initiatives and market positioning will be crucial in determining its long-term success and stock performance.