Zacks Research Upgrades CION Investment (NYSE:CION) to "Strong-Buy"

Key Points

• CION Investment has been upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating, indicating a positive outlook from analysts.
• Despite the upgrade, Wells Fargo has maintained an "underweight" rating with a decreased target price of $8.50.
• The stock is currently trading at around $10.70 with a consensus price target of $10.75 and reported a miss on earnings for the previous quarter.

CION Investment (NYSE:CION - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Thursday,Zacks.com reports.

A number of other equities analysts have also commented on the stock. Wells Fargo & Company reissued an "underweight" rating and issued a $8.50 price target (down previously from $9.00) on shares of CION Investment in a research report on Tuesday, August 12th. Wall Street Zen raised shares of CION Investment from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $10.75.

CION Investment Stock Performance

Shares of CION traded down $0.09 during trading hours on Thursday, hitting $10.77. 378,622 shares of the company were exchanged, compared to its average volume of 321,406. The company has a market cap of $561.06 million, a PE ratio of -56.69 and a beta of 1.11. The firm's 50 day moving average is $9.99 and its 200-day moving average is $10.24. CION Investment has a 52 week low of $8.51 and a 52 week high of $12.71.

CION Investment (NYSE:CION - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.32 earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). The company had revenue of $52.24 million during the quarter, compared to the consensus estimate of $53.34 million. CION Investment had a negative net margin of 4.57% and a positive return on equity of 9.63%. As a group, equities analysts forecast that CION Investment will post 1.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CION Investment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP bought a new stake in shares of CION Investment in the 1st quarter worth approximately $27,000. Hollencrest Capital Management acquired a new position in shares of CION Investment in the first quarter valued at $31,000. Wealth Preservation Advisors LLC acquired a new position in shares of CION Investment in the first quarter valued at $32,000. WPG Advisers LLC bought a new position in CION Investment in the first quarter worth $36,000. Finally, Ameriflex Group Inc. acquired a new stake in CION Investment during the fourth quarter worth $55,000. 32.01% of the stock is currently owned by institutional investors.

CION Investment Company Profile

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.