Zacks Research Upgrades Sound Point Meridian Capital (NYSE:SPMC) to “Hold”

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

Separately, B. Riley Financial lowered 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 report on Wednesday, August 12th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $15.12.

Sound Point Meridian Capital Trading Up 0.2%

Shares of NYSE SPMC opened at $8.34 on Monday. The stock has a market cap of $170.84 million, a price-to-earnings ratio of -1.44 and a beta of 1.14. Sound Point Meridian Capital has a 1-year low of $7.82 and a 1-year high of $18.20. The stock’s 50-day moving average is $9.61 and its 200 day moving average is $9.99.

Sound Point Meridian Capital (NYSE:SPMC) last issued its 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 business had revenue of $12.42 million during the quarter, compared to analyst estimates of $14.18 million. On average, analysts forecast that Sound Point Meridian Capital will post 1.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Sound Point Meridian Capital

A hedge fund recently bought a new position in Sound Point Meridian Capital stock. Advisory Solutions Group LLC acquired a new stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 31,935 shares of the company’s stock, valued at approximately $316,000. Advisory Solutions Group LLC owned approximately 0.16% of Sound Point Meridian Capital as of its most recent filing with the SEC.

Sound Point Meridian Capital Company Profile

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.