Sound Point Meridian Capital (NYSE:SPMC) Rating Lowered to “Strong Sell” at Zacks Research

Sound Point Meridian Capital (NYSE:SPMC) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday,Zacks.com reports.

Several other equities analysts have also recently weighed in on SPMC. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, May 27th. B. Riley Financial dropped their target price 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 investment 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. According to data from MarketBeat, Sound Point Meridian Capital currently has a consensus rating of “Hold” and a consensus price target of $15.12.

Sound Point Meridian Capital Price Performance

Sound Point Meridian Capital stock opened at $9.29 on Wednesday. The firm has a market capitalization of $190.55 million, a price-to-earnings ratio of -1.61 and a beta of 1.15. The company’s 50 day simple moving average is $10.00 and its 200 day simple moving average is $10.22. Sound Point Meridian Capital has a fifty-two week low of $8.36 and a fifty-two week high of $18.54.

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

Hedge Funds Weigh In On Sound Point Meridian Capital

Several hedge funds have recently made changes to their positions in SPMC. Thomas J. Herzfeld Advisors Inc. acquired a new stake in shares of Sound Point Meridian Capital in the fourth quarter valued at approximately $189,000. Citadel Advisors LLC acquired a new position in Sound Point Meridian Capital during the third quarter worth $267,000. Advisory Solutions Group LLC bought a new position in Sound Point Meridian Capital in the second quarter valued at $316,000. Virtus Investment Advisers LLC increased its stake in Sound Point Meridian Capital by 7.5% in the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock valued at $407,000 after buying an additional 2,061 shares during the last quarter. Finally, Allied Private Wealth LLC acquired a new stake in Sound Point Meridian Capital in the 2nd quarter valued at $984,000.

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.