Sound Point Meridian Capital (NYSE:SPMC) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Sound Point Meridian Capital (NYSE:SPMC) from a "strong sell" to a "hold"; MarketBeat shows a consensus rating of "Hold" with a $16.10 target price.
• SPMC missed quarterly expectations, reporting EPS of $0.44 versus $0.55 expected and revenue of $17.95M versus $20.45M; the stock opened at $10.28 and has a 12‑month range of $8.36–$20.20 with a market cap of about $210.7M.
• Insider activity included a sale by major shareholder Guaranty Ltd Assured (4,562 shares), while several institutional investors have modestly increased or initiated positions in the company.

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

Other research analysts have also recently issued reports about the stock. Alliance Global Partners reaffirmed a "buy" rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. B. Riley Financial dropped their target price on shares of Sound Point Meridian Capital from $12.00 to $10.00 and set a "neutral" rating for the company in a report on Monday, March 16th. Finally, Compass Point set a $12.00 target price on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $16.10.

Sound Point Meridian Capital Trading Up 2.1%

NYSE SPMC opened at $10.28 on Monday. Sound Point Meridian Capital has a 12-month low of $8.36 and a 12-month high of $20.20. The stock has a market capitalization of $210.74 million, a price-to-earnings ratio of -2.91 and a beta of 0.66. The business's 50 day moving average is $10.18 and its two-hundred day moving average is $13.41.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last issued its earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.55 by ($0.11). The business had revenue of $17.95 million for the quarter, compared to the consensus estimate of $20.45 million.

Insider Buying and Selling at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the firm's stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total transaction of $65,282.22. Following the completion of the transaction, the insider directly owned 5,269,690 shares of the company's stock, valued at $75,409,263.90. This trade represents a 0.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 5,104 shares of company stock worth $73,035. Company insiders own 0.89% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Thomas J. Herzfeld Advisors Inc. acquired a new stake in Sound Point Meridian Capital during the fourth quarter worth approximately $189,000. Citadel Advisors LLC acquired a new stake in Sound Point Meridian Capital during the third quarter worth approximately $267,000. Virtus Investment Advisers LLC boosted its position in 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 last quarter. Everest Management Corp. boosted its position in Sound Point Meridian Capital by 3.7% during the third quarter. Everest Management Corp. now owns 75,555 shares of the company's stock worth $1,311,000 after acquiring an additional 2,697 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Sound Point Meridian Capital by 35.4% during the second quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock worth $1,379,000 after acquiring an additional 20,163 shares during 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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