Sound Point Meridian Capital (NYSE:SPMC) Stock Rating Upgraded by B. Riley

Sound Point Meridian Capital (NYSE:SPMC) was upgraded by equities research analysts at B. Riley to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Sound Point Meridian Capital Stock Performance

Shares of SPMC opened at $20.92 on Tuesday. The company’s 50 day simple moving average is $20.45. Sound Point Meridian Capital has a twelve month low of $18.20 and a twelve month high of $21.97.

Insider Activity

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum purchased 4,000 shares of the stock in a transaction on Thursday, November 21st. The shares were purchased at an average price of $20.32 per share, with a total value of $81,280.00. Following the acquisition, the chairman now directly owns 23,326 shares of the company’s stock, valued at $473,984.32. This represents a 20.70 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have acquired 6,000 shares of company stock valued at $121,850.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SPMC. Oppenheimer & Co. Inc. acquired a new stake in shares of Sound Point Meridian Capital in the 3rd quarter valued at $272,000. Frank Rimerman Advisors LLC bought a new position in Sound Point Meridian Capital in the second quarter valued at about $200,000. Envestnet Asset Management Inc. acquired a new stake in Sound Point Meridian Capital in the second quarter worth about $2,860,000. Finally, Choreo LLC bought a new stake in Sound Point Meridian Capital during the 2nd quarter worth about $827,000.

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.