UBS Group Forecasts Strong Price Appreciation for Ellington Credit (NYSE:EARN) Stock

Ellington Credit (NYSE:EARN) had its price objective increased by stock analysts at UBS Group from $5.50 to $5.75 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. UBS Group’s price target points to a potential downside of 3.93% from the company’s current price.

Several other research analysts also recently commented on EARN. Wall Street Zen downgraded Ellington Credit from a “hold” rating to a “sell” rating in a research note on Friday, May 16th. Piper Sandler decreased their price objective on Ellington Credit from $8.00 to $6.50 and set an “overweight” rating on the stock in a report on Tuesday, April 8th.

Ellington Credit Trading Up 0.9%

NYSE:EARN opened at $5.99 on Wednesday. The stock’s 50-day moving average is $5.71 and its 200-day moving average is $5.90. Ellington Credit has a 1-year low of $4.33 and a 1-year high of $7.17. The stock has a market cap of $224.80 million, a P/E ratio of -46.03 and a beta of 1.29.

Ellington Credit (NYSE:EARN) last posted its quarterly earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). Ellington Credit had a positive return on equity of 17.67% and a negative net margin of 21.82%. The business had revenue of $9.25 million for the quarter, compared to the consensus estimate of $10.35 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. As a group, equities analysts forecast that Ellington Credit will post 1.17 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Clear Harbor Asset Management LLC boosted its stake in shares of Ellington Credit by 21.6% in the second quarter. Clear Harbor Asset Management LLC now owns 350,500 shares of the real estate investment trust’s stock worth $2,015,000 after acquiring an additional 62,200 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Ellington Credit by 56.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 126,864 shares of the real estate investment trust’s stock valued at $686,000 after purchasing an additional 45,845 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of Ellington Credit by 415.4% in the first quarter. Jane Street Group LLC now owns 379,906 shares of the real estate investment trust’s stock worth $2,055,000 after buying an additional 306,192 shares during the period. PharVision Advisers LLC bought a new stake in Ellington Credit during the 1st quarter valued at $93,000. Finally, Millennium Management LLC raised its position in Ellington Credit by 485.8% during the 1st quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust’s stock valued at $5,044,000 after purchasing an additional 773,169 shares in the last quarter. 20.40% of the stock is owned by institutional investors.

Ellington Credit Company Profile

Ellington Credit Company, a real estate investment trust, acquires, invests in, and manages residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS, such as non-agency CMOs, such as investment grade and non-investment grade.