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Stock Alert: Granite Point Mortgage Trust Down 6%

Shares of Granite Point Mortgage Trust Inc. (GPMT) are losing almost 6 percent or $0.57 in Tuesday's morning trade at $8.98 despite no specific news impacting the stock.

U.S. stocks opened lower on Tuesday, reflecting profit taking as traders cash in on the strong gains posted in recent sessions. However, traders generally remained optimistic about a quick economic recovery as businesses reopen following the coronavirus lockdown.

New York-based Granite Point Mortgage invests in and manages senior floating-rate commercial mortgage loans as well as other debt and debt-like commercial real estate investments. In May, the mortgage REIT reported a net loss for the first quarter, with the results impacted by a provision for credit losses.

The stock has traded in a range of $1.74 to $19.35 in the past 52 weeks.

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