Sound Point Meridian Capital (NYSE:SPMC) Coverage Initiated at Alliance Global Partners

Analysts at Alliance Global Partners started coverage on shares of Sound Point Meridian Capital (NYSE:SPMC) in a report released on Friday,Benzinga reports. The firm set a “buy” rating and a $20.00 price target on the stock. Alliance Global Partners’ price objective indicates a potential upside of 8.46% from the company’s current price.

Sound Point Meridian Capital Trading Up 3.4%

SPMC opened at $18.44 on Friday. The firm has a 50-day moving average price of $18.07 and a 200-day moving average price of $19.44. Sound Point Meridian Capital has a twelve month low of $16.26 and a twelve month high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last issued its earnings results on Thursday, May 29th. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.06. The business had revenue of $22.66 million during the quarter, compared to analysts’ expectations of $20.48 million.

Institutional Trading of Sound Point Meridian Capital

A hedge fund recently bought a new stake in Sound Point Meridian Capital stock. Marshall Wace LLP acquired a new stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 17,747 shares of the company’s stock, valued at approximately $371,000. Marshall Wace LLP owned about 0.09% of Sound Point Meridian Capital as of its most recent filing with the Securities and Exchange Commission.

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.