Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Up 594.0% in March

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 124,386 shares, a growth of 594.0% from the February 26th total of 17,922 shares. Based on an average trading volume of 48,973 shares, the days-to-cover ratio is currently 2.5 days. Approximately 0.6% of the company’s shares are sold short.

Sound Point Meridian Capital Stock Performance

Sound Point Meridian Capital stock traded up $0.17 during mid-day trading on Thursday, reaching $8.99. 21,930 shares of the company were exchanged, compared to its average volume of 37,135. The firm has a market cap of $184.30 million, a P/E ratio of -2.55 and a beta of 0.68. The business has a fifty day moving average of $11.41 and a 200 day moving average of $14.24. Sound Point Meridian Capital has a 12-month low of $8.36 and a 12-month high of $20.64.

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

Sound Point Meridian Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.20 dividend. The ex-dividend date is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 26.7%. Sound Point Meridian Capital’s payout ratio is currently -84.99%.

Insider Transactions at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider directly owned 5,269,690 shares of the company’s stock, valued at $75,409,263.90. This trade represents a 0.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 10,701 shares of company stock worth $154,990 in the last quarter. Corporate insiders own 0.89% of the company’s stock.

Institutional Trading of Sound Point Meridian Capital

A number of institutional investors have recently modified their holdings of the company. Virtus Investment Advisers LLC lifted its position in Sound Point Meridian Capital by 7.5% during 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. grew its holdings in Sound Point Meridian Capital by 3.7% in the third quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock worth $1,311,000 after purchasing an additional 2,697 shares during the last quarter. Thomas J. Herzfeld Advisors Inc. acquired a new position in shares of Sound Point Meridian Capital during the fourth quarter worth $189,000. Citadel Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital during the 3rd quarter valued at $267,000. Finally, Marshall Wace LLP lifted its holdings in shares of Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after purchasing an additional 20,163 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Oppenheimer set a $20.00 target price on Sound Point Meridian Capital in a research report on Monday, December 1st. Compass Point set a $12.00 price objective on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. B. Riley Financial dropped their target price on shares of Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Zacks Research lowered shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Monday, March 2nd. 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, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sound Point Meridian Capital presently has a consensus rating of “Hold” and an average price target of $16.10.

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.