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

B. Riley initiated coverage on shares of Sound Point Meridian Capital (NYSE:SPMC) in a research note issued on Wednesday, Benzinga reports. The brokerage set a “buy” rating and a $22.50 price target on the stock. B. Riley’s target price would suggest a potential upside of 14.07% from the stock’s previous close.

Separately, Oppenheimer initiated coverage on shares of Sound Point Meridian Capital in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price target on the stock.

Sound Point Meridian Capital Stock Performance

SPMC opened at $19.73 on Wednesday. The firm has a 50 day moving average of $19.73. Sound Point Meridian Capital has a 1-year low of $18.20 and a 1-year high of $20.65.

Insider Activity at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum acquired 7,326 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was acquired at an average price of $19.90 per share, for a total transaction of $145,787.40. Following the acquisition, the chairman now directly owns 7,326 shares in the company, valued at $145,787.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Frank Rimerman Advisors LLC bought a new position in Sound Point Meridian Capital during the 2nd quarter worth approximately $200,000. Choreo LLC bought a new position in Sound Point Meridian Capital during the 2nd quarter worth approximately $827,000. Finally, Envestnet Asset Management Inc. bought a new position in Sound Point Meridian Capital during the 2nd quarter worth approximately $2,860,000.

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.