Ellington Credit (NYSE:EARN) Given New $5.00 Price Target at Piper Sandler

Ellington Credit (NYSE:EARN) had its target price decreased by research analysts at Piper Sandler from $5.25 to $5.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s price objective would indicate a potential upside of 13.07% from the stock’s previous close.

Separately, Wall Street Zen upgraded shares of Ellington Credit from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Ellington Credit presently has an average rating of “Moderate Buy” and a consensus price target of $5.50.

Ellington Credit Stock Down 0.2%

Shares of Ellington Credit stock opened at $4.42 on Monday. Ellington Credit has a twelve month low of $4.27 and a twelve month high of $6.08. The stock has a market cap of $166.18 million, a price-to-earnings ratio of -4.25 and a beta of 1.27. The company’s fifty day moving average is $4.63 and its 200 day moving average is $4.86.

Ellington Credit (NYSE:EARN) last released its quarterly earnings results on Wednesday, May 20th. The real estate investment trust reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.03). The business had revenue of $9.87 million during the quarter, compared to analysts’ expectations of $10.57 million.

Institutional Investors Weigh In On Ellington Credit

A number of institutional investors have recently added to or reduced their stakes in EARN. Millennium Management LLC boosted its holdings in shares of Ellington Credit by 485.8% in the 1st quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust’s stock worth $5,044,000 after buying an additional 773,169 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Ellington Credit by 56.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 126,864 shares of the real estate investment trust’s stock worth $686,000 after acquiring an additional 45,845 shares during the period. Jane Street Group LLC lifted its holdings in Ellington Credit by 415.4% during the first quarter. Jane Street Group LLC now owns 379,906 shares of the real estate investment trust’s stock valued at $2,055,000 after purchasing an additional 306,192 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of Ellington Credit in the second quarter worth about $83,000. Finally, Vident Advisory LLC lifted its stake in shares of Ellington Credit by 109.1% during the 2nd quarter. Vident Advisory LLC now owns 36,350 shares of the real estate investment trust’s stock valued at $209,000 after buying an additional 18,967 shares in the last quarter. 20.40% of the stock is owned by institutional investors.

About Ellington Credit

Ellington Credit Income Fund (NYSE: EARN) is a closed-end management investment company that seeks to generate current income through a diversified portfolio of mortgage- and asset-backed securities. The fund primarily invests in residential mortgage-backed securities (RMBS) and asset-backed securities (ABS), with additional exposure to commercial mortgage-backed securities (CMBS) and related structured credit instruments. To enhance income and manage risk, the fund employs leverage and derivative strategies such as interest rate swaps and credit default swaps, allowing it to adjust duration and credit exposure dynamically.

The fund is externally managed and advised by Ellington Management Group, LLC, an established investment firm specializing in mortgage credit and structured products.