CION Investment (NYSE:CION) Stock Rating Lowered by Zacks Research

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

A number of other research firms have also recently weighed in on CION. Wells Fargo & Company lowered their price target on CION Investment from $7.00 to $6.50 and set an “underweight” rating for the company in a report on Monday, May 11th. Weiss Ratings lowered shares of CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, July 2nd. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, CION Investment currently has a consensus rating of “Sell” and an average target price of $6.50.

CION Investment Price Performance

Shares of NYSE CION opened at $5.92 on Wednesday. The company has a 50 day simple moving average of $6.46 and a 200-day simple moving average of $7.38. The company has a market capitalization of $294.56 million, a P/E ratio of -147.86 and a beta of 1.10. CION Investment has a 1 year low of $5.83 and a 1 year high of $10.93.

CION Investment (NYSE:CION) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). The business had revenue of $49.54 million during the quarter, compared to analyst estimates of $49.12 million. CION Investment had a negative net margin of 0.41% and a positive return on equity of 11.96%. As a group, research analysts expect that CION Investment will post 1.05 EPS for the current year.

Hedge Funds Weigh In On CION Investment

Hedge funds and other institutional investors have recently bought and sold shares of the company. LSV Asset Management grew its holdings in shares of CION Investment by 88.8% in the fourth quarter. LSV Asset Management now owns 352,236 shares of the company’s stock valued at $3,406,000 after purchasing an additional 165,636 shares in the last quarter. Closed End Fund Advisors Inc. acquired a new stake in CION Investment during the 4th quarter worth approximately $4,602,000. Private Advisor Group LLC boosted its position in 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 during the period. Founders Financial Securities LLC boosted its position in CION Investment by 32.2% in the 4th quarter. Founders Financial Securities LLC now owns 48,781 shares of the company’s stock valued at $472,000 after buying an additional 11,877 shares during the period. Finally, Endowment Wealth Management Inc. grew its stake in shares of CION Investment by 2.8% in the fourth quarter. Endowment Wealth Management Inc. now owns 64,505 shares of the company’s stock worth $624,000 after acquiring an additional 1,734 shares in the last quarter. 32.01% of the stock is currently owned by hedge funds and other 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.