Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Update

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a large growth in short interest during the month of February. As of February 13th, there was short interest totaling 33,466 shares, a growth of 204.4% from the January 29th total of 10,995 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average trading volume of 47,213 shares, the days-to-cover ratio is currently 0.7 days. Based on an average trading volume of 47,213 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.2% of the shares of the stock are short sold.

Insiders Place Their Bets

In related news, Director Matthew E. Forstenhausler bought 4,118 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were bought at an average cost of $13.60 per share, with a total value of $56,004.80. Following the completion of the transaction, the director directly owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. This trade represents a 187.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Guaranty Ltd Assured sold 4,562 shares of the stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total value 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 ninety days, insiders have bought 11,480 shares of company stock worth $150,127 and have sold 10,701 shares worth $154,990. 0.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of institutional investors have recently modified their holdings of SPMC. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital during the 4th quarter worth $189,000. Citadel Advisors LLC acquired a new position in Sound Point Meridian Capital during the 3rd quarter worth $267,000. Virtus Investment Advisers LLC lifted its position in Sound Point Meridian Capital by 7.5% during the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after acquiring an additional 2,061 shares during the last quarter. Everest Management Corp. boosted its holdings in Sound Point Meridian Capital by 5.6% during the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after acquiring an additional 4,243 shares during the period. Finally, Marshall Wace LLP increased its stake 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 worth $1,379,000 after purchasing an additional 20,163 shares during the period.

Sound Point Meridian Capital Price Performance

SPMC traded up $0.75 during midday trading on Friday, hitting $10.08. 100,944 shares of the company’s stock traded hands, compared to its average volume of 42,996. The company has a market cap of $206.65 million, a PE ratio of -2.86 and a beta of 0.32. The stock’s fifty day simple moving average is $12.97 and its 200-day simple moving average is $15.30. Sound Point Meridian Capital has a one year low of $9.10 and a one year high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Wednesday, February 11th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.11). The business had revenue of $17.95 million for the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 23.8%. Sound Point Meridian Capital’s dividend payout ratio is presently -84.99%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SPMC. Alliance Global Partners restated a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, February 11th. Oppenheimer set a $20.00 price objective on shares of Sound Point Meridian Capital in a research report on Monday, December 1st. Zacks Research upgraded shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Compass Point set a $12.00 target price on shares of Sound Point Meridian Capital in a research report on Wednesday, February 11th. Finally, B. Riley Financial reissued a “neutral” rating and set a $12.00 target price (down from $16.00) on shares of Sound Point Meridian Capital in a research note on Thursday, February 12th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $16.50.

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. Sound Point Meridian Capital Inc is based in NEW YORK.