B. Riley Financial Lowers Sound Point Meridian Capital (NYSE:SPMC) Price Target to $10.00

Sound Point Meridian Capital (NYSE:SPMC) had its price target reduced by equities researchers at B. Riley Financial from $12.00 to $10.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. B. Riley Financial’s price target suggests a potential upside of 11.15% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Zacks Research cut shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Monday, March 2nd. Oppenheimer set a $20.00 price target on shares of Sound Point Meridian Capital in a report on Monday, December 1st. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, February 11th. Finally, Compass Point set a $12.00 price objective on Sound Point Meridian Capital in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $16.10.

Sound Point Meridian Capital Price Performance

Shares of NYSE SPMC traded down $0.23 during mid-day trading on Monday, reaching $9.00. 13,036 shares of the company’s stock were exchanged, compared to its average volume of 37,173. The firm has a 50-day moving average price of $12.34 and a two-hundred day moving average price of $14.73. The firm has a market capitalization of $184.44 million, a price-to-earnings ratio of -2.55 and a beta of 0.69. Sound Point Meridian Capital has a 52 week low of $9.05 and a 52 week high of $21.38.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.11). The company had revenue of $17.95 million for the quarter, compared to the consensus estimate of $20.45 million.

Insider Activity

In other Sound Point Meridian Capital news, Director Matthew E. Forstenhausler bought 4,118 shares of Sound Point Meridian Capital stock in a transaction dated Thursday, December 18th. The stock was purchased at an average price of $13.60 per share, for a total transaction of $56,004.80. Following the completion of the purchase, the director directly owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. This trade represents a 187.18% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’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 sale, the insider directly owned 5,269,690 shares in the company, valued at approximately $75,409,263.90. This trade represents a 0.09% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders bought 9,318 shares of company stock valued at $120,445 and sold 10,701 shares valued at $154,990. 0.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sound Point Meridian Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Everest Management Corp. boosted its holdings in shares of Sound Point Meridian Capital by 5.6% in the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after acquiring an additional 4,243 shares during the period. Kim LLC purchased a new position in shares of Sound Point Meridian Capital in the second quarter valued at $192,821,000. Marshall Wace LLP raised its stake in shares of Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after purchasing an additional 20,163 shares during the period. Virtus Investment Advisers LLC raised its stake in shares of Sound Point Meridian Capital by 7.5% during the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock valued at $407,000 after purchasing an additional 2,061 shares during the period. Finally, Citadel Advisors LLC purchased a new stake in Sound Point Meridian Capital during the 3rd quarter worth about $267,000.

Sound Point Meridian Capital Company Profile

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.