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

Sound Point Meridian Capital (NYSE:SPMC) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

Separately, B. Riley Financial cut their price objective on shares of Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.12.

Sound Point Meridian Capital Stock Up 0.2%

Shares of NYSE:SPMC opened at $8.34 on Monday. The stock’s fifty day simple moving average is $9.61 and its 200-day simple moving average is $9.99. Sound Point Meridian Capital has a 52-week low of $7.82 and a 52-week high of $18.20. The company has a market capitalization of $170.84 million, a P/E ratio of -1.44 and a beta of 1.14.

Sound Point Meridian Capital (NYSE:SPMC) last released its earnings results on Wednesday, August 12th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.06). The business had revenue of $12.42 million for the quarter, compared to the consensus estimate of $14.18 million. On average, sell-side 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 stake in Sound Point Meridian Capital stock. Allied Private Wealth LLC purchased a new stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 94,982 shares of the company’s stock, valued at approximately $984,000. Allied Private Wealth LLC owned 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.