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

Key Points

• Zacks Research downgraded Sound Point Meridian Capital from “hold” to “strong sell,” while the broader analyst consensus remains “Hold” with a $15.12 price target.
• SPMC shares opened at $9.29, below their 50-day and 200-day moving averages, and have traded between $8.36 and $18.54 over the past year. The company has a market capitalization of approximately $190.6 million.
• The company reported quarterly EPS of $0.24, missing the $0.30 consensus estimate, while revenue of $12.42 million fell short of expectations of $14.18 million.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other research firms have also commented on SPMC. Alliance Global Partners restated a "buy" rating on shares of Sound Point Meridian Capital in a research report on Wednesday, May 27th. B. Riley Financial cut their price objective on Sound Point Meridian Capital from $10.50 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, August 12th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Sound Point Meridian Capital has a consensus rating of "Hold" and a consensus price target of $15.12.

Sound Point Meridian Capital Stock Performance

Shares of SPMC stock opened at $9.29 on Wednesday. The firm's 50 day moving average price is $10.00 and its 200-day moving average price is $10.22. Sound Point Meridian Capital has a one year low of $8.36 and a one year high of $18.54. The firm has a market cap of $190.55 million, a P/E ratio of -1.61 and a beta of 1.15.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.24 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.06). The company had revenue of $12.42 million for the quarter, compared to analysts' expectations of $14.18 million. As a group, research analysts predict that Sound Point Meridian Capital will post 1.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several large investors have recently added to or reduced their stakes in SPMC. Thomas J. Herzfeld Advisors Inc. purchased a new position in Sound Point Meridian Capital in the 4th quarter valued at approximately $189,000. Citadel Advisors LLC acquired a new position in shares of Sound Point Meridian Capital in the third quarter worth $267,000. Virtus Investment Advisers LLC increased its position in shares of 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 worth $407,000 after acquiring an additional 2,061 shares during the period. Advisory Solutions Group LLC acquired a new stake in shares of Sound Point Meridian Capital in the second quarter valued at $316,000. Finally, Marshall Wace LLP raised its stake in shares of Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock valued at $1,379,000 after acquiring an additional 20,163 shares in 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.

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