Zacks Research Upgrades Sound Point Meridian Capital (NYSE:SPMC) to Hold

Sound Point Meridian Capital (NYSE:SPMC) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Other research analysts have also issued reports about the company. Compass Point set a $12.00 price target on Sound Point Meridian Capital in a report on Wednesday, February 11th. B. Riley Financial cut their price target on Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, March 16th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $16.10.

Sound Point Meridian Capital Stock Down 3.0%

Shares of SPMC stock traded down $0.31 during trading hours on Monday, reaching $9.96. 26,331 shares of the company’s stock were exchanged, compared to its average volume of 37,601. Sound Point Meridian Capital has a fifty-two week low of $8.36 and a fifty-two week high of $20.20. The stock has a market capitalization of $204.08 million, a P/E ratio of -2.82 and a beta of 0.66. The business has a fifty day moving average price of $10.18 and a 200-day moving average price of $13.41.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.11). The firm had revenue of $17.95 million during the quarter, compared to the consensus estimate of $20.45 million.

Insiders Place Their Bets

In other Sound Point Meridian Capital news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the company’s stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total value of $65,282.22. Following the sale, the insider directly owned 5,269,690 shares in the company, valued at $75,409,263.90. This represents a 0.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 5,104 shares of company stock valued at $73,035 in the last quarter. Corporate insiders own 0.89% of the company’s stock.

Institutional Trading of Sound Point Meridian Capital

Large investors have recently bought and sold shares of the stock. Thomas J. Herzfeld Advisors Inc. bought a new stake in Sound Point Meridian Capital in the fourth quarter valued at $189,000. Citadel Advisors LLC bought a new position in shares of Sound Point Meridian Capital in the third quarter valued at approximately $267,000. Virtus Investment Advisers LLC raised its stake in shares of Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock valued at $407,000 after acquiring an additional 2,061 shares during the last quarter. Everest Management Corp. raised its stake in shares of Sound Point Meridian Capital by 5.6% in the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after acquiring an additional 4,243 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after acquiring an additional 20,163 shares during the last quarter.

About Sound Point Meridian Capital

Sound Point Meridian Capital Inc is an externally managed, non-diversified closed-end management investment company. Its investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation equity and mezzanine tranches. Sound Point Meridian Capital Inc is based in NEW YORK.