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

Key Points

• Zacks Research upgraded Sound Point Meridian Capital from “Hold” to “Strong Buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $15.12.
• SPMC shares opened at $5.68, near their one-year low of $5.49 and well below the 50-day and 200-day moving averages of $8.34 and $10.16, respectively.
• The company missed quarterly expectations, reporting $0.24 in earnings per share versus a $0.30 estimate and revenue of $12.42 million versus $14.18 million expected; Allied Private Wealth also acquired a new stake valued at approximately $984,000.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Tuesday, Zacks reports.

Separately, B. Riley Financial reduced their price objective on shares of 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 research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Sound Point Meridian Capital has an average rating of "Moderate Buy" and an average price target of $15.12.

Sound Point Meridian Capital Stock Performance

SPMC opened at $5.68 on Tuesday. The stock has a market capitalization of $116.53 million, a PE ratio of -0.98 and a beta of 1.20. Sound Point Meridian Capital has a one year low of $5.49 and a one year high of $16.75. The business's 50 day moving average price is $8.34 and its 200 day moving average price is $10.16.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last posted its earnings results 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 during the quarter, compared to the consensus estimate of $14.18 million. As a group, equities research analysts forecast that Sound Point Meridian Capital will post 1.11 earnings per share for the current fiscal year.

Institutional Trading of Sound Point Meridian Capital

A hedge fund recently bought a new stake in Sound Point Meridian Capital stock. Allied Private Wealth LLC acquired 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 firm acquired 94,982 shares of the company's stock, valued at approximately $984,000. Allied Private Wealth LLC owned approximately 0.46% of Sound Point Meridian Capital at the end of the most recent quarter.

Sound Point Meridian Capital Company Profile

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.

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