CION Investment (NYSE:CION) Rating Lowered to Hold at Zacks Research

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

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company cut their target price on shares of CION Investment from $7.00 to $6.50 and set an “underweight” rating on the stock in a research note on Monday, May 11th. Weiss Ratings lowered CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, July 2nd. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Sell” and an average target price of $6.50.

CION Investment Stock Performance

CION opened at $5.92 on Wednesday. The company has a market cap of $294.56 million, a PE 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. The firm has a 50 day moving average price of $6.46 and a 200 day moving average price of $7.38.

CION Investment (NYSE:CION) last posted its earnings results on Wednesday, May 6th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). CION Investment had a negative net margin of 0.41% and a positive return on equity of 11.96%. The company had revenue of $49.54 million during the quarter, compared to analyst estimates of $49.12 million. On average, sell-side analysts predict that CION Investment will post 1.05 earnings per share for the current year.

Institutional Investors Weigh In On CION Investment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC raised its holdings in CION Investment by 5.0% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 23,324 shares of the company’s stock worth $221,000 after acquiring an additional 1,111 shares during the period. Ameriprise Financial Inc. boosted its holdings in CION Investment by 2.9% during the third quarter. Ameriprise Financial Inc. now owns 50,424 shares of the company’s stock valued at $478,000 after acquiring an additional 1,406 shares during the period. Orion Porfolio Solutions LLC boosted its holdings in CION Investment by 8.1% during the third quarter. Orion Porfolio Solutions LLC now owns 19,269 shares of the company’s stock valued at $183,000 after acquiring an additional 1,438 shares during the period. Great Valley Advisor Group Inc. lifted its position in shares of CION Investment by 7.5% during the 4th quarter. Great Valley Advisor Group Inc. now owns 21,627 shares of the company’s stock worth $209,000 after purchasing an additional 1,512 shares during the last quarter. Finally, Strategic Blueprint LLC boosted its stake in CION Investment by 3.9% during the 4th quarter. Strategic Blueprint LLC now owns 40,797 shares of the company’s stock valued at $395,000 after purchasing an additional 1,514 shares during the period. Hedge funds and other institutional investors own 32.01% of the company’s stock.

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.