Sound Point Meridian Capital (NYSE:SPMC) Stock Rating Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Sound Point Meridian Capital from “strong sell” to “hold,” while B. Riley cut its price target to $10.00. Analysts’ consensus is “Hold,” with a consensus price target of $15.12.
• SPMC opened at $8.34 and has traded between $7.82 and $18.20 over the past year. Its latest quarterly results missed expectations, with EPS of $0.24 versus $0.30 expected and revenue of $12.42 million versus $14.18 million forecast.
• Allied Private Wealth LLC acquired 94,982 shares worth approximately $984,000, representing about 0.46% of the company. Sound Point Meridian invests primarily in collateralized loan obligation equity and junior debt securities.

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

Separately, B. Riley Financial decreased their price target on 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 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, the company has a consensus rating of "Hold" and a consensus price target of $15.12.

Sound Point Meridian Capital Stock Up 0.2%

NYSE:SPMC opened at $8.34 on Monday. Sound Point Meridian Capital has a fifty-two week low of $7.82 and a fifty-two week high of $18.20. The firm's fifty day simple moving average is $9.61 and its 200-day simple moving average is $9.99. The stock has a market cap of $170.84 million, a PE ratio of -1.44 and a beta of 1.14.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last released 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 company had revenue of $12.42 million for the quarter, compared to analysts' expectations of $14.18 million. Equities analysts anticipate that Sound Point Meridian Capital will post 1.41 earnings per share for the current 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 purchased a new stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 94,982 shares of the company's stock, valued at approximately $984,000. Allied Private Wealth LLC owned about 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 opportunities in the collateralized loan obligation (CLO) market. The company primarily invests in CLO equity and junior debt securities backed by diversified portfolios of corporate loans.

Its investment strategy is designed to generate current income and long-term total returns through exposure to broadly syndicated loans and structured credit markets. Sound Point Meridian Capital is externally managed by Sound Point Capital Management, an alternative investment manager specializing in credit and structured finance.

The company's investments are primarily connected to the U.S.

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