CION Investment (NYSE:CION) Downgraded to Strong Sell Rating by Zacks Research

Key Points

• Zacks Research downgraded CION Investment to a "strong sell", and the stock's average analyst rating is now Sell with a consensus target price of $7.00.
• CION reported quarterly EPS of $0.35 versus $0.39 expected (an EPS miss), with revenue of $53.79M beating estimates, but a negative net margin of 8.57% despite a positive 12.42% ROE.
• The shares opened at $6.72 and trade near their 12‑month low of $6.50, below the 50‑day ($8.61) and 200‑day ($9.33) moving averages, with a market capitalization of about $339 million.

CION Investment (NYSE:CION - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also recently commented on CION. Weiss Ratings reaffirmed a "hold (c)" rating on shares of CION Investment in a research note on Monday, December 29th. Wells Fargo & Company decreased their price target on CION Investment from $8.50 to $7.00 and set an "underweight" rating for the company in a research note on Friday, March 13th. Finally, Wall Street Zen cut CION Investment from a "strong-buy" rating to a "hold" rating in a report on Saturday, March 14th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Sell" and a consensus target price of $7.00.

CION Investment Trading Up 0.0%

CION Investment stock opened at $6.72 on Monday. CION Investment has a 12-month low of $6.50 and a 12-month high of $11.07. The firm has a 50-day moving average price of $8.61 and a 200-day moving average price of $9.33. The firm has a market capitalization of $339.46 million, a PE ratio of -17.24 and a beta of 1.09.

CION Investment (NYSE:CION - Get Free Report) last issued its quarterly earnings results on Thursday, March 12th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.04). The firm had revenue of $53.79 million for the quarter, compared to the consensus estimate of $51.77 million. CION Investment had a negative net margin of 8.57% and a positive return on equity of 12.42%. As a group, sell-side analysts predict that CION Investment will post 1.78 earnings per share for the current fiscal year.

Institutional Trading of CION Investment

Several institutional investors and hedge funds have recently made changes to their positions in the company. Private Wealth Management Group LLC bought a new position in CION Investment during the 3rd quarter worth about $30,000. BNP Paribas Financial Markets bought a new stake in shares of CION Investment in the 3rd quarter valued at about $37,000. Geneos Wealth Management Inc. raised its holdings in shares of CION Investment by 21.7% in the 2nd quarter. Geneos Wealth Management Inc. now owns 8,802 shares of the company's stock valued at $84,000 after purchasing an additional 1,571 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of CION Investment by 183.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 8,872 shares of the company's stock worth $86,000 after purchasing an additional 5,739 shares during the period. Finally, Arete Wealth Advisors LLC purchased a new stake in shares of CION Investment in the 3rd quarter worth approximately $95,000. 32.01% of the stock is currently owned by institutional investors.

CION Investment Company Profile

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.

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