Zacks Research Upgrades CION Investment (NYSE:CION) to Hold

CION Investment (NYSE:CION) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Several other research analysts have also recently issued reports on CION. Wells Fargo & Company dropped their target price on shares of CION Investment from $7.00 to $6.50 and set an “underweight” rating on the stock in a report on Monday. Wall Street Zen cut shares of CION Investment from a “strong-buy” rating to a “hold” rating in a report on Saturday, March 14th. Finally, Weiss Ratings cut shares of CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 27th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Sell” and an average price target of $6.50.

CION Investment Price Performance

Shares of CION Investment stock opened at $6.80 on Tuesday. CION Investment has a 1 year low of $6.50 and a 1 year high of $10.93. The firm’s 50-day moving average is $7.25 and its two-hundred day moving average is $8.66. The stock has a market cap of $338.32 million, a price-to-earnings ratio of -169.83 and a beta of 1.16.

CION Investment (NYSE:CION) last issued its earnings results on Thursday, May 7th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.02). CION Investment had a positive return on equity of 11.96% and a negative net margin of 0.41%.The business had revenue of $49.54 million for the quarter, compared to the consensus estimate of $49.12 million. On average, equities analysts expect that CION Investment will post 1.03 earnings per share for the current year.

Institutional Trading of CION Investment

A number of institutional investors have recently modified their holdings of the company. Van ECK Associates Corp boosted its holdings in shares of CION Investment by 4.2% in the 3rd quarter. Van ECK Associates Corp now owns 1,359,023 shares of the company’s stock valued at $12,883,000 after buying an additional 54,317 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of CION Investment by 33.6% in the 2nd quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock valued at $12,854,000 after buying an additional 338,121 shares in the last quarter. North Ground Capital boosted its holdings in shares of CION Investment by 8.4% in the 4th quarter. North Ground Capital now owns 1,086,992 shares of the company’s stock valued at $10,511,000 after buying an additional 84,214 shares in the last quarter. Private Advisor Group LLC boosted its holdings in shares of CION Investment by 16.2% in the 1st quarter. Private Advisor Group LLC now owns 860,616 shares of the company’s stock valued at $5,887,000 after buying an additional 119,783 shares in the last quarter. Finally, UBS Group AG boosted its holdings in shares of CION Investment by 4.0% in the 3rd quarter. UBS Group AG now owns 574,045 shares of the company’s stock valued at $5,442,000 after buying an additional 22,140 shares in the last quarter. 32.01% of the stock is currently owned by institutional investors.

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.