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

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

Several other brokerages have also commented on CION. Wells Fargo & Company decreased their price objective on shares of CION Investment from $7.00 to $6.50 and set an “underweight” rating for the company in a research report on Monday. Weiss Ratings lowered shares of CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. Finally, Wall Street Zen lowered shares of CION Investment from a “strong-buy” rating to a “hold” rating in a research report on Saturday, March 14th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, CION Investment currently has an average rating of “Sell” and an average price target of $6.50.

CION Investment Stock Up 0.1%

Shares of CION Investment stock opened at $6.80 on Tuesday. The firm has a market capitalization of $338.32 million, a P/E ratio of -169.83 and a beta of 1.16. The company has a 50 day moving average price of $7.25 and a 200 day moving average price of $8.66. CION Investment has a 52 week low of $6.50 and a 52 week high of $10.93.

CION Investment (NYSE:CION) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.02). The company had revenue of $49.54 million during the quarter, compared to analysts’ expectations 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 anticipate that CION Investment will post 1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CION Investment

Institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new position in CION Investment during the 3rd quarter worth approximately $37,000. Geneos Wealth Management Inc. raised its position in CION Investment by 21.7% during the 2nd quarter. Geneos Wealth Management Inc. now owns 8,802 shares of the company’s stock worth $84,000 after buying an additional 1,571 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in CION Investment by 183.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 8,872 shares of the company’s stock worth $86,000 after buying an additional 5,739 shares during the last quarter. Arete Wealth Advisors LLC purchased a new position in CION Investment during the 3rd quarter worth approximately $95,000. Finally, Diversify Advisory Services LLC purchased a new position in CION Investment during the 4th quarter worth approximately $95,000. 32.01% of the stock is 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.