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Granite Point Mortgage Trust Inc
Company Overview: Granite Point Mortgage Trust Inc. (NYSE: GPMT) is an internally managed real estate finance company. The Company is focused primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. The Company’s investment objective is to generate attractive risk-adjusted returns over the long term, primarily through dividends, and to preserve its capital base through business cycles.
As per our previous US Inflation report published on ‘GPMT’ on 28th April 2023, Kalkine provided a ‘Buy’ stance on the stock at USD 4.47 based on “decent fundamentals, higher profitability metrics, upside indicated by the valuation, and key risks associated with the business” and the stock price has now moved by ~31.10% since then and the price has achieved resistance 1 and resistance 2.
Noted below are the details of support and resistance levels provided in our previous report:
GPMT’s Daily Chart
Considering the resistance around the range of USD 6.00 – USD 7.00, resistance 1 and resistance 2 levels attainment, current trading levels, risks associated, and volatile market conditions on the back of higher interest rates, a ‘Sell’ rating is assigned to the “GPMT” at the closing market price of USD5.86 (as of 02 January 2024).
Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is January 02, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.
Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’
Kalkine Equities LLC provides general information about companies and their securities. The information contained in the reports, including any recommendations regarding the value of or transactions in any securities, does not take into account any of your investment objectives, financial situation or needs. Kalkine Equities LLC is not registered as an investment adviser in the U.S. with either the federal or state government. Before you make a decision about whether to invest in any securities, you should take into account your own objectives, financial situation and needs and seek independent financial advice. All information in our reports represents our views as at the date of publication and may change without notice.
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