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

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

Separately, Alliance Global Partners restated a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Sound Point Meridian Capital presently has a consensus rating of “Hold” and a consensus price target of $15.12.

Sound Point Meridian Capital Price Performance

NYSE SPMC opened at $10.07 on Tuesday. The company’s fifty day moving average is $10.53 and its two-hundred day moving average is $10.84. Sound Point Meridian Capital has a 52-week low of $8.36 and a 52-week high of $18.60. The firm has a market capitalization of $206.54 million, a price-to-earnings ratio of -1.64 and a beta of 1.20.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.07). The firm had revenue of $12.57 million for the quarter, compared to analyst estimates of $17.20 million. As a group, sell-side analysts expect that Sound Point Meridian Capital will post 1.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sound Point Meridian Capital

Institutional investors have recently modified their holdings of the stock. Allied Private Wealth LLC acquired a new position in shares of Sound Point Meridian Capital during the second quarter worth approximately $984,000. Virtus Investment Advisers LLC increased its holdings in shares of 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 purchasing an additional 2,061 shares in the last quarter. Thomas J. Herzfeld Advisors Inc. acquired a new stake in shares of Sound Point Meridian Capital in the fourth quarter valued at approximately $189,000. Everest Management Corp. raised its position in Sound Point Meridian Capital by 5.6% in the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after purchasing an additional 4,243 shares during the last quarter. Finally, Citadel Advisors LLC bought a new position in Sound Point Meridian Capital in the 3rd quarter worth approximately $267,000.

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. Sound Point Meridian Capital Inc is based in NEW YORK.