CION Investment (NYSE:CION) Raised to “Buy” at Wall Street Zen

CION Investment (NYSE:CION) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

CION has been the subject of a number of other research reports. Wells Fargo & Company reiterated an “underweight” rating and issued a $8.50 price objective (down previously from $9.00) on shares of CION Investment in a report on Tuesday, August 12th. Weiss Ratings restated a “hold (c-)” rating on shares of CION Investment in a research report on Wednesday, October 8th. Finally, Zacks Research downgraded CION Investment from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, CION Investment presently has a consensus rating of “Reduce” and an average target price of $8.50.

CION Investment Stock Performance

Shares of CION stock opened at $9.61 on Friday. CION Investment has a fifty-two week low of $8.51 and a fifty-two week high of $12.71. The stock’s fifty day moving average is $9.62 and its two-hundred day moving average is $9.76. The firm has a market capitalization of $500.56 million, a P/E ratio of -50.58 and a beta of 1.08.

CION Investment (NYSE:CION) last released its earnings results on Thursday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.39. The business had revenue of $78.71 million during the quarter, compared to analyst estimates of $52.41 million. CION Investment had a negative net margin of 4.57% and a positive return on equity of 9.63%. On average, equities analysts forecast that CION Investment will post 1.78 earnings per share for the current year.

Institutional Investors Weigh In On CION Investment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CION. North Ground Capital lifted its stake in shares of CION Investment by 100.6% in the 3rd quarter. North Ground Capital now owns 1,002,778 shares of the company’s stock valued at $9,506,000 after purchasing an additional 502,778 shares during the last quarter. Invesco Ltd. boosted its stake in CION Investment by 33.6% during the second quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock worth $12,854,000 after buying an additional 338,121 shares during the period. Berger Financial Group Inc increased its position in shares of CION Investment by 27.6% during the second quarter. Berger Financial Group Inc now owns 487,404 shares of the company’s stock valued at $4,664,000 after acquiring an additional 105,478 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of CION Investment by 98.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 199,905 shares of the company’s stock valued at $1,913,000 after acquiring an additional 99,364 shares during the period. Finally, Financial Gravity Companies Inc. acquired a new position in shares of CION Investment in the 2nd quarter worth approximately $934,000. Institutional investors and hedge funds own 32.01% of the company’s stock.

About CION Investment

CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity interests such as warrants or options; and corporate bonds; and other debt securities in middle-market companies.