Sound Point Meridian Capital (NYSE:SPMC) Rating Increased to Strong-Buy at B. Riley

Sound Point Meridian Capital (NYSE:SPMC) was upgraded by B. Riley to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Sound Point Meridian Capital Price Performance

SPMC opened at $20.92 on Tuesday. Sound Point Meridian Capital has a twelve month low of $18.20 and a twelve month high of $21.97. The firm’s 50 day moving average is $20.45.

Insiders Place Their Bets

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum purchased 4,000 shares of Sound Point Meridian Capital stock in a transaction dated Thursday, November 21st. The shares were purchased at an average cost of $20.32 per share, for a total transaction of $81,280.00. Following the completion of the acquisition, the chairman now owns 23,326 shares in the company, valued at $473,984.32. This represents a 20.70 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have purchased a total of 6,000 shares of company stock worth $121,850 in the last 90 days.

Hedge Funds Weigh In On Sound Point Meridian Capital

Several hedge funds have recently bought and sold shares of SPMC. Frank Rimerman Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital during the second quarter valued at $200,000. Oppenheimer & Co. Inc. purchased a new stake in Sound Point Meridian Capital in the 3rd quarter valued at about $272,000. Choreo LLC bought a new position in Sound Point Meridian Capital in the 2nd quarter worth about $827,000. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Sound Point Meridian Capital during the second quarter worth approximately $2,860,000.

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.