Granite Point Mortgage Trust Inc. Stock Forecast
Granite Point Mortgage Trust Inc. stock downgraded from Buy Candidate to Sell Candidate after Thursday trading session.
(Updated on Mar 28, 2024)
The Granite Point Mortgage Trust Inc. stock price fell by -2.05% on the last day (Thursday, 28th Mar 2024) from $4.87 to $4.77. During the last trading day the stock fluctuated 1.91% from a day low at $4.70 to a day high of $4.79. The price has been going up and down for this period, and there has been a 1.27% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -235 thousand shares and in total, 814 thousand shares were bought and sold for approximately $3.88 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -22.11% during the next 3 months and, with a 90% probability hold a price between $3.01 and $3.97 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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GPMT Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, February 20, 2024, and so far it has risen 6.00%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Granite Point Mortgage Trust Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $4.85 and $4.81. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Granite Point Mortgage Trust Inc. stock
Granite Point Mortgage Trust Inc. finds support from accumulated volume at $4.71 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0900 between high and low, or 1.91%. For the last week the stock has had daily average volatility of 3.01%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GPMT) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Granite Point Mortgage Trust Inc. to open at $4.75, and during the day (based on 14 day Average True Range), to move between $4.60 and $4.94, which gives a possible trading interval of +/-$0.167 (+/-3.51%) up or down from last closing price. If Granite Point Mortgage Trust Inc. takes out the full calculated possible swing range there will be an estimated 7.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.79 (0.42%) than the support at $4.71 (1.26%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Granite Point Mortgage Trust Inc. stock A Buy?
Granite Point Mortgage Trust Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -2.999 Sell Candidate Downgraded
Predicted Opening Price for Granite Point Mortgage Trust Inc. of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$4.75 ( 0.349%) | $4.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GPMT
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 4.84 | 1.54 % | |
R2 | 4.81 | 0.82 % | ||
R1 | 4.79 | 0.371 % | ||
Current price: | 4.77 | |||
Support | S1 | 4.72 | -1.07 % | |
S2 | 4.70 | -1.52 % | ||
S3 | 4.66 | -2.24 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 4.87 | 2.10 % | |
R2 | 4.86 | 1.89 % | ||
R1 | 4.79 | 0.419 % | ||
Current price | 4.77 | |||
Support | S1 | 4.71 | -1.26% | |
S2 | 4.68 | -1.89% | ||
S3 | 4.50 | -5.66% |
GPMT Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 28, 2024 | Mar 28, 2024 | Apr 15, 2024 | $0.150 | 3.07% |
2 | Dec 28, 2023 | Dec 28, 2023 | Jan 16, 2024 | $0.200 | 3.53% |
3 | Sep 20, 2023 | Sep 29, 2023 | Oct 16, 2023 | $0.200 | 4.44% |
4 | Jun 22, 2023 | Jun 30, 2023 | Jul 17, 2023 | $0.200 | 3.58% |
5 | Mar 16, 2023 | Mar 31, 2023 | Apr 17, 2023 | $0.200 | 4.12% |
FAQ
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