Sound Point Meridian Capital (NYSE:SPMC) Downgraded by Zacks Research to “Strong Sell”

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

A number of other analysts have also recently issued reports on the company. Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, May 27th. B. Riley Financial dropped 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, Compass Point set a $12.00 price target on Sound Point Meridian Capital in a report on Wednesday, February 11th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.10.

Sound Point Meridian Capital Stock Up 1.0%

SPMC opened at $11.58 on Monday. Sound Point Meridian Capital has a 12-month low of $8.36 and a 12-month high of $18.60. The stock has a market cap of $237.39 million, a price-to-earnings ratio of -1.89 and a beta of 1.15. The business has a 50 day moving average of $10.13 and a 200-day moving average of $12.00.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.07). The firm had revenue of $12.57 million during the quarter, compared to the consensus estimate of $17.20 million. As a group, analysts expect that Sound Point Meridian Capital will post 1.22 earnings per share for the current year.

Insider Activity at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured bought 242,718 shares of the company’s stock in a transaction dated Thursday, April 30th. The stock was bought at an average cost of $24.72 per share, for a total transaction of $5,999,988.96. Following the transaction, the insider owned 1,002,718 shares of the company’s stock, valued at $24,787,188.96. This represents a 31.94% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SPMC. Marshall Wace LLP increased its stake in 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. Kim LLC bought a new position in shares of Sound Point Meridian Capital in the 2nd quarter valued at $192,821,000. Everest Management Corp. increased its stake in shares of Sound Point Meridian Capital by 3.7% in the 3rd quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock valued at $1,311,000 after purchasing an additional 2,697 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of Sound Point Meridian Capital in the 3rd quarter valued at $267,000. Finally, Thomas J. Herzfeld Advisors Inc. bought a new position in shares of Sound Point Meridian Capital in the 4th quarter valued at $189,000.

Sound Point Meridian Capital Company Profile

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.