CION Investment (NYSE:CION) Share Price Crosses Above 50-Day Moving Average – Here’s Why

CION Investment Corporation (NYSE:CION) passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $7.05 and traded as high as $7.12. CION Investment shares last traded at $7.1060, with a volume of 405,734 shares traded.

Analysts Set New Price Targets

A number of research firms recently issued reports on CION. Weiss Ratings raised CION Investment from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Zacks Research downgraded CION Investment from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $6.50.

CION Investment Price Performance

The stock has a market capitalization of $343.73 million, a price-to-earnings ratio of 116.43 and a beta of 1.15. The stock has a 50-day moving average of $7.04 and a 200 day moving average of $7.26.

CION Investment (NYSE:CION) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.03. CION Investment had a net margin of 1.17% and a return on equity of 11.95%. The company had revenue of $49.79 million during the quarter, compared to the consensus estimate of $49.78 million. Sell-side analysts anticipate that CION Investment Corporation will post 1.08 earnings per share for the current fiscal year.

CION Investment Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, December 28th. Stockholders of record on Friday, December 11th will be issued a dividend of $0.10 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 17.2%. The ex-dividend date is Friday, December 11th. CION Investment’s payout ratio is currently 2,000.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp grew its stake in CION Investment by 27.7% in the second quarter. Van ECK Associates Corp now owns 1,236,397 shares of the company’s stock valued at $7,703,000 after acquiring an additional 268,242 shares during the period. BlackRock Inc. purchased a new stake in shares of CION Investment in the second quarter valued at about $1,218,000. Bank of America Corp DE bought a new position in shares of CION Investment during the second quarter valued at about $1,059,000. True Freedom Investing LLC purchased a new position in CION Investment during the second quarter worth about $979,000. Finally, Diversify Advisory Services LLC purchased a new position in CION Investment during the second quarter worth about $768,000. Institutional investors and hedge funds own 32.01% of the company’s stock.

About CION Investment

CION Investment Corporation (NYSE:CION) is a closed-end, externally managed business development company (BDC) that provides financing to privately owned, middle-market companies. The company primarily seeks to generate current income and, to a lesser extent, capital appreciation by investing in the debt and equity securities of eligible businesses.

CION’s investment portfolio generally includes senior secured loans, subordinated debt, unitranche investments and, in select cases, equity or equity-related securities.