B. Riley Initiates Coverage on Sound Point Meridian Capital (NYSE:SPMC)

Equities research analysts at B. Riley initiated coverage on shares of Sound Point Meridian Capital (NYSE:SPMC) in a note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $22.50 price target on the stock. B. Riley’s price objective suggests a potential upside of 13.18% from the stock’s previous close.

Separately, Oppenheimer began coverage on shares of Sound Point Meridian Capital in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price objective for the company.

Sound Point Meridian Capital Price Performance

NYSE:SPMC opened at $19.88 on Wednesday. Sound Point Meridian Capital has a fifty-two week low of $18.20 and a fifty-two week high of $20.65. The firm’s fifty day moving average is $19.73.

Insider Transactions at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum acquired 7,326 shares of Sound Point Meridian Capital stock in a transaction that occurred on Wednesday, August 28th. The shares were acquired at an average cost of $19.90 per share, with a total value of $145,787.40. Following the completion of the purchase, the chairman now directly owns 7,326 shares of the company’s stock, valued at $145,787.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Institutional Trading of Sound Point Meridian Capital

A number of hedge funds have recently added to or reduced their stakes in the stock. Frank Rimerman Advisors LLC bought a new position in Sound Point Meridian Capital in the second quarter valued at about $200,000. Choreo LLC acquired a new position in shares of Sound Point Meridian Capital in the second quarter valued at approximately $827,000. Finally, Envestnet Asset Management Inc. bought a new position in Sound Point Meridian Capital in the 2nd quarter valued at approximately $2,860,000.

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.