Big changes are happening at Granite Point Mortgage Trust Inc. (NYSE:GPMT), which makes the stock worth watching today. The company is among the top losers of the stock market today, sinking -17.67% or (-1.09 points) to $5.08 from its previous close of $6.17. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 96540 contracts so far this session. GPMT shares had a relatively better volume day versus average trading capacity of 458.9 thousand shares, but with a 53.95 million float and a -57.88% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for GPMT stock indicates that the average analyst price target is $17.75 per share. This means the stock has a potential increase of 249.41% from where the GPMT share price has been trading recently.
Looking at the current readings for Granite Point Mortgage Trust Inc., the two-week RSI stands at 13.34. This figure suggests that GPMT stock, for now, is overbought, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current GPMT readings is similarly very revealing as it has a stochastic reading of 8.55% at this stage. This figure means that GPMT share price today is being overbought.
Technical chart claims that Granite Point Mortgage Trust Inc. (GPMT) would settle between $8/share to $9.82/share level. However, if the stock price goes below the $5.26 mark, then the market for Granite Point Mortgage Trust Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $4.34 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -4.77. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Credit Suisse, assumed coverage of GPMT assigning Neutral rating, according to their opinion released on January 08. JMP Securities analysts have lowered their rating of Granite Point Mortgage Trust Inc. (NYSE:GPMT) stock from Mkt Outperform to Mkt Perform in a separate flash note issued to investors on January 02. Analysts at Raymond James lowered the stock to a Outperform call from its previous Strong Buy recommendation, in a research note that dated back to August 14.
GPMT equity has an average rating of 2.83, with the figure leaning towards a bullish end. 6 analysts who tracked the company were contacted by Reuters. Amongst them, 5 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated Granite Point Mortgage Trust Inc. (NYSE:GPMT) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, GPMT stock price is currently trading at 4.24X forward 12-month Consensus EPS estimates, and its P/E ratio is 4.7 while for the average stock in the same group, the multiple is 22.6. Granite Point Mortgage Trust Inc. current P/B ratio of 0.3 means it is trading at a discount against its industry’s 0.6.
Granite Point Mortgage Trust Inc. (GPMT)’s current-quarter revenues are projected to climb by nearly 12.7% to hit $29.45 million, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 7.7% from $109280 to a noteworthy $117650. At the other end of the current quarter income statement, Granite Point Mortgage Trust Inc. is expected to see its adjusted earnings surge by roughly -2.7% to hit $0.36 per share. For the fiscal year, GPMT’s earnings are projected to climb by roughly 3.6% to hit $1.45 per share.