B. Riley Securities Reaffirms “Neutral” Rating for Sound Point Meridian Capital (NYSE:SPMC)

Sound Point Meridian Capital (NYSE:SPMC)‘s stock had its “neutral” rating reissued by investment analysts at B. Riley Securities in a research report issued to clients and investors on Thursday, Marketbeat reports. They currently have a $12.00 price target on the stock, down from their prior price target of $16.00. B. Riley Securities’ target price would indicate a potential upside of 8.82% from the stock’s current price.

A number of other analysts also recently commented on SPMC. Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Compass Point set a $12.00 target price on Sound Point Meridian Capital in a research note on Wednesday. B.Riley Securit cut Sound Point Meridian Capital from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. iA Financial set a $18.50 price target on shares of Sound Point Meridian Capital in a research note on Thursday, November 13th. Finally, Oppenheimer set a $20.00 price objective on shares of Sound Point Meridian Capital in a research note on Monday, December 1st. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $16.42.

Sound Point Meridian Capital Price Performance

NYSE SPMC opened at $11.03 on Thursday. The company’s fifty day moving average is $13.73 and its two-hundred day moving average is $15.86. Sound Point Meridian Capital has a 52-week low of $10.91 and a 52-week high of $22.30. The firm has a market capitalization of $226.05 million, a price-to-earnings ratio of -3.12 and a beta of 0.32.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.11). The firm had revenue of $17.95 million for the quarter, compared to analyst estimates of $20.45 million.

Insider Activity

In other news, Director Matthew E. Forstenhausler acquired 4,118 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was bought at an average price of $13.60 per share, with a total value of $56,004.80. Following the completion of the acquisition, the director owned 6,318 shares in the company, valued at approximately $85,924.80. This represents a 187.18% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Guaranty Ltd Assured sold 4,562 shares of Sound Point Meridian Capital 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 transaction, the insider owned 5,269,690 shares of the company’s stock, valued at $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. Over the last three months, insiders have purchased 8,480 shares of company stock valued at $115,727 and have sold 10,803 shares valued at $156,663. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

Hedge funds and other institutional investors have recently bought and sold shares of the business. Everest Management Corp. raised its position in Sound Point Meridian Capital by 3.7% in the 3rd quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock valued at $1,311,000 after purchasing an additional 2,697 shares during the last quarter. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital during the fourth quarter worth $189,000. Citadel Advisors LLC acquired a new stake in shares of Sound Point Meridian Capital in the third quarter valued at $267,000. Marshall Wace LLP raised its holdings in shares of 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 buying an additional 20,163 shares during the last quarter. Finally, Kim LLC bought a new position in shares of Sound Point Meridian Capital in the second quarter valued at about $192,821,000.

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.