Wells Fargo & Company Issues Pessimistic Forecast for CION Investment (NYSE:CION) Stock Price

CION Investment (NYSE:CION) had its target price reduced by investment analysts at Wells Fargo & Company from $8.50 to $7.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 3.02% from the stock’s previous close.

A number of other brokerages have also recently issued reports on CION. Zacks Research cut shares of CION Investment from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Wall Street Zen upgraded shares of CION Investment from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 17th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of CION Investment in a report on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $7.00.

CION Investment Stock Performance

Shares of NYSE CION traded down $0.13 during trading hours on Friday, reaching $6.80. 540,388 shares of the stock were exchanged, compared to its average volume of 490,276. The firm has a market capitalization of $353.95 million, a price-to-earnings ratio of 13.32 and a beta of 1.09. CION Investment has a 52 week low of $6.60 and a 52 week high of $11.78. The stock’s fifty day simple moving average is $8.85 and its 200 day simple moving average is $9.46.

CION Investment (NYSE:CION) last released its quarterly earnings results on Thursday, March 12th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.04). CION Investment had a net margin of 10.59% and a return on equity of 12.02%. The firm had revenue of $53.79 million during the quarter, compared to the consensus estimate of $51.77 million. Research analysts predict that CION Investment will post 1.78 EPS for the current fiscal year.

Institutional Investors Weigh In On CION Investment

A number of large investors have recently bought and sold shares of CION. AE Wealth Management LLC increased its holdings in CION Investment by 3.3% in the 2nd quarter. AE Wealth Management LLC now owns 33,123 shares of the company’s stock valued at $317,000 after buying an additional 1,044 shares during the period. Kestra Private Wealth Services LLC boosted its position in shares of CION Investment by 5.0% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 23,324 shares of the company’s stock worth $221,000 after acquiring an additional 1,111 shares in the last quarter. Golden State Wealth Management LLC boosted its position in shares of CION Investment by 7.2% during the 3rd quarter. Golden State Wealth Management LLC now owns 20,219 shares of the company’s stock worth $192,000 after acquiring an additional 1,363 shares in the last quarter. Ameriprise Financial Inc. increased its stake in CION Investment by 2.9% in the third quarter. Ameriprise Financial Inc. now owns 50,424 shares of the company’s stock valued at $478,000 after acquiring an additional 1,406 shares during the last quarter. Finally, Orion Porfolio Solutions LLC raised its position in CION Investment by 8.1% during the third quarter. Orion Porfolio Solutions LLC now owns 19,269 shares of the company’s stock valued at $183,000 after purchasing an additional 1,438 shares in the last quarter. 32.01% of the stock is currently owned by institutional investors and hedge funds.

About CION Investment

CION Investment Corporation is a closed‐end, non‐diversified management investment company organized as a business development company under the Investment Company Act of 1940. Externally managed by CION Investment Management, LLC, the firm specializes in providing flexible capital solutions to U.S. and Canadian middle‐market companies. By combining debt and equity financing, CION seeks to support growth, acquisitions, recapitalizations and other strategic initiatives for its portfolio companies.

The company’s investment strategy centers on senior secured loans, subordinated debt and private equity interests.