Why Shares of Granite Point Are Up Today
Shares of Granite Point Mortgage Trust (NYSE: GPMT) gained more than 10% at the opening bell on Tuesday after the commercial mortgage REIT reported first-quarter earnings. The results provided fresh hope that the business can survive the COVID-19 pandemic, giving investors a reason to buy in. By noon EDT today, it had settled to slightly better than a 5% gain, still beating the broader market.
Granite Point shares have lost 70% of their value since March 1, a victim of the pandemic and its chilling impact on commercial activity. It originates, invests in, and manages commercial real estate debt, and with retail experiencing a wave of bankruptcies and lost business due to stay-at-home orders, the REIT's portfolio has come under pressure.
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Source Fool.com
