Sound Point Meridian Capital (NYSE:SPMC) Upgraded to “Strong-Buy” at B. Riley

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

Sound Point Meridian Capital Trading Down 1.6 %

NYSE SPMC opened at $20.92 on Tuesday. Sound Point Meridian Capital has a one year low of $18.20 and a one year high of $21.97. The firm’s 50-day simple moving average is $20.45.

Insider Activity

In other news, Chairman Stephen Ketchum acquired 4,000 shares of the business’s stock in a transaction dated 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 transaction, the chairman now directly owns 23,326 shares in the company, valued at approximately $473,984.32. This represents a 20.70 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have purchased 6,000 shares of company stock worth $121,850.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. purchased a new stake in shares of Sound Point Meridian Capital during the 2nd quarter valued at $2,860,000. Choreo LLC acquired a new position in Sound Point Meridian Capital during the 2nd quarter valued at about $827,000. Oppenheimer & Co. Inc. purchased a new stake in Sound Point Meridian Capital in the third quarter valued at about $272,000. Finally, Frank Rimerman Advisors LLC acquired a new stake in Sound Point Meridian Capital in the second quarter worth about $200,000.

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.