CION Investment (NYSE:CION) Stock Rating Upgraded by Zacks Research

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 research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Thursday, August 21st,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company reiterated an "underweight" rating and issued a $8.50 price target (down previously from $9.00) on shares of CION Investment in a report on Tuesday, August 12th. Wall Street Zen raised shares of CION Investment from a "sell" rating to a "hold" rating in a research note 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. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $10.75.

CION Investment Trading Down 0.6%

Shares of CION traded down $0.07 during trading hours on Thursday, reaching $10.71. The company had a trading volume of 102,264 shares, compared to its average volume of 319,920. The firm has a 50 day simple moving average of $10.02 and a 200-day simple moving average of $10.24. The company has a market capitalization of $557.62 million, a price-to-earnings ratio of -56.31 and a beta of 1.11. CION Investment has a 12-month low of $8.51 and a 12-month high of $12.71.

CION Investment (NYSE:CION - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.32 earnings per share (EPS) 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 analysts' expectations of $53.34 million. CION Investment had a negative net margin of 4.57% and a positive return on equity of 9.63%. Sell-side analysts forecast that CION Investment will post 1.78 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Bulldog Investors LLP raised its stake in shares of CION Investment by 62.4% during the fourth quarter. Bulldog Investors LLP now owns 1,682,352 shares of the company's stock valued at $19,190,000 after purchasing an additional 646,596 shares during the period. CF Capital LLC purchased a new stake in shares of CION Investment during the fourth quarter valued at approximately $4,809,000. Invesco Ltd. raised its stake in shares of CION Investment by 33.6% during the second quarter. Invesco Ltd. now owns 1,343,185 shares of the company's stock valued at $12,854,000 after purchasing an additional 338,121 shares during the period. North Ground Capital raised its stake in shares of CION Investment by 37.8% during the first quarter. North Ground Capital now owns 581,100 shares of the company's stock valued at $5,840,000 after purchasing an additional 159,299 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of CION Investment during the fourth quarter valued at approximately $1,711,000. Hedge funds and other institutional investors own 32.01% of the company's stock.

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.