Zacks Research Upgrades Sound Point Meridian Capital (NYSE:SPMC) to Strong-Buy

Sound Point Meridian Capital (NYSE:SPMC) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Separately, B. Riley Financial dropped their price target on shares of Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $15.12.

Sound Point Meridian Capital Stock Down 0.4%

Shares of Sound Point Meridian Capital stock opened at $5.68 on Tuesday. Sound Point Meridian Capital has a 52-week low of $5.49 and a 52-week high of $16.75. The company has a market capitalization of $116.53 million, a P/E ratio of -0.98 and a beta of 1.20. The company has a 50 day moving average of $8.34 and a 200 day moving average of $10.16.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.06). The business had revenue of $12.42 million for the quarter, compared to the consensus estimate of $14.18 million. As a group, research analysts anticipate that Sound Point Meridian Capital will post 1.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sound Point Meridian Capital

An institutional investor recently bought a new position in Sound Point Meridian Capital stock. Allied Private Wealth LLC bought a new stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 94,982 shares of the company’s stock, valued at approximately $984,000. Allied Private Wealth LLC owned 0.46% of Sound Point Meridian Capital at the end of the most recent reporting period.

About Sound Point Meridian Capital

Sound Point Meridian Capital, Inc (NYSE: SPMC) is a closed-end investment company focused on investing in collateralized loan obligations (CLOs). The company primarily seeks exposure to CLO equity and junior debt tranches, which are backed by pools of senior secured loans made to corporate borrowers.

Sound Point Meridian Capital is externally managed by an affiliate of Sound Point Capital Management, an alternative investment manager. Its investment strategy is designed to provide shareholders with income and potential capital appreciation through a diversified portfolio of CLO investments rather than through the direct operation of businesses or the sale of consumer products and services.

The company invests in U.S.