Sound Point Meridian Capital (NYSE:SPMC) Stock Rating Lowered by Zacks Research

Sound Point Meridian Capital (NYSE:SPMC) was downgraded by investment 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 research firms also recently weighed in on SPMC. Alliance Global Partners reissued a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. Compass Point set a $12.00 target price on Sound Point Meridian Capital in a report on Wednesday, February 11th. Finally, B. Riley Financial cut their price target on shares of Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $16.10.

Sound Point Meridian Capital Price Performance

SPMC stock opened at $11.58 on Monday. Sound Point Meridian Capital has a 52-week low of $8.36 and a 52-week high of $18.60. The stock has a market capitalization of $237.39 million, a price-to-earnings ratio of -1.89 and a beta of 1.15. The company has a 50-day moving average of $10.13 and a two-hundred day moving average of $12.00.

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

Insider Buying and Selling at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured purchased 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 purchase, the insider owned 1,002,718 shares of the company’s stock, valued at approximately $24,787,188.96. The trade was a 31.94% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of hedge funds have recently made changes to their positions in the stock. Virtus Investment Advisers LLC increased 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 purchasing an additional 2,061 shares in the last quarter. Thomas J. Herzfeld Advisors Inc. purchased a new position in shares of Sound Point Meridian Capital in the 4th quarter worth about $189,000. Everest Management Corp. grew its position in shares of Sound Point Meridian Capital by 5.6% during the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after acquiring an additional 4,243 shares during the period. Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital in the third quarter valued at $267,000. Finally, Kim LLC purchased a new stake in Sound Point Meridian Capital during the second quarter valued at about $192,821,000.

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. Sound Point Meridian Capital Inc is based in NEW YORK.