When working in the Academics or Core > Analysis > Manage Lists students the GPA's will not automatically update or calculate on the fly. These have to be manually updated as this list is pulling a stored value.
In order to update the GPAs:
1. Go to Academics > Grades > Grade Calculations > Calculations
2. Once here select calculate
3. Fill out the required fields
4. select the GPA calculation you are looking to update
5. Then select the grades you are looking to run this for.
6. Click generate.
Give it a few moments to process, and then go and check the list and make sure the appropriate columns have been selected to see the GPAs.