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

Investment analysts at Alliance Global Partners initiated coverage on shares of Sound Point Meridian Capital (NYSE:SPMC) in a report released on Friday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $20.00 price target on the stock. Alliance Global Partners’ target price would suggest a potential upside of 10.10% from the company’s current price.

Sound Point Meridian Capital Price Performance

NYSE SPMC opened at $18.17 on Friday. Sound Point Meridian Capital has a 1-year low of $16.26 and a 1-year high of $22.30. The stock has a 50-day moving average of $18.05 and a 200-day moving average of $19.41.

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

Institutional Investors Weigh In On Sound Point Meridian Capital

An institutional investor recently bought a new position in Sound Point Meridian Capital stock. Marshall Wace LLP bought a new position in Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 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 at the end of the most recent quarter.

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.