Sound Point Meridian Capital (NYSE:SPMC) Stock Rating Lowered by Zacks Research

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

A number of other equities analysts also recently commented on the stock. B. Riley Financial lowered their target price on shares of Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. Alliance Global Partners restated a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to 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 0.8%

Shares of Sound Point Meridian Capital stock opened at $9.29 on Wednesday. Sound Point Meridian Capital has a 52-week low of $8.36 and a 52-week high of $18.54. The company has a market capitalization of $190.55 million, a P/E ratio of -1.61 and a beta of 1.15. The company has a 50 day moving average of $10.00 and a 200 day moving average of $10.22.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $0.24 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. As a group, research analysts anticipate that Sound Point Meridian Capital will post 1.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SPMC. Allied Private Wealth LLC acquired a new position in shares of Sound Point Meridian Capital in the 2nd quarter valued at $984,000. Everest Management Corp. raised its stake in Sound Point Meridian Capital by 5.6% during the 4th 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 in the last quarter. Kim LLC acquired a new stake in Sound Point Meridian Capital during the 2nd quarter worth $192,821,000. Marshall Wace LLP lifted its position in Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after acquiring an additional 20,163 shares during the last quarter. Finally, Virtus Investment Advisers LLC lifted its position in Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock valued at $407,000 after acquiring an additional 2,061 shares during the last quarter.

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.