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

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

Separately, Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Sound Point Meridian Capital presently has an average rating of “Hold” and a consensus price target of $15.12.

Sound Point Meridian Capital Trading Down 0.0%

Shares of NYSE SPMC opened at $10.07 on Tuesday. The business has a 50-day moving average of $10.53 and a 200-day moving average of $10.84. The firm has a market capitalization of $206.54 million, a price-to-earnings ratio of -1.64 and a beta of 1.20. Sound Point Meridian Capital has a 12 month low of $8.36 and a 12 month high of $18.60.

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

Institutional Trading of Sound Point Meridian Capital

A number of hedge funds have recently made changes to their positions in SPMC. Thomas J. Herzfeld Advisors Inc. bought a new position in Sound Point Meridian Capital during the 4th quarter valued at approximately $189,000. Citadel Advisors LLC bought a new stake in Sound Point Meridian Capital in the third quarter worth $267,000. Virtus Investment Advisers LLC boosted its holdings in 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 worth $407,000 after acquiring an additional 2,061 shares in the last quarter. Allied Private Wealth LLC purchased a new stake in shares of Sound Point Meridian Capital in the second quarter worth $984,000. Finally, Everest Management Corp. grew 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 worth $1,097,000 after acquiring an additional 4,243 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.