North Ground Capital Purchases 159,299 Shares of CION Investment Corporation $CION

Key Points

• North Ground Capital increased its position in CION Investment Corporation by 37.8%, now owning 581,100 shares valued at approximately $5.84 million.
• CION Investment recently reported quarterly earnings of $0.32 per share, missing analysts' estimates of $0.34 and also announced a quarterly dividend of $0.36 per share.
• Analysts have mixed ratings on CION Investment, with a consensus rating of "Hold" and a target price of $10.75.

North Ground Capital boosted its stake in CION Investment Corporation (NYSE:CION - Free Report) by 37.8% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 581,100 shares of the company's stock after buying an additional 159,299 shares during the quarter. CION Investment makes up about 5.7% of North Ground Capital's holdings, making the stock its 6th biggest position. North Ground Capital owned about 1.10% of CION Investment worth $5,840,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Hollencrest Capital Management acquired a new position in shares of CION Investment in the first quarter worth $31,000. Ameriflex Group Inc. acquired a new position in CION Investment in the 4th quarter valued at about $55,000. Aquatic Capital Management LLC purchased a new position in CION Investment in the 4th quarter valued at about $103,000. Golden State Wealth Management LLC lifted its holdings in CION Investment by 18.9% in the 1st quarter. Golden State Wealth Management LLC now owns 10,031 shares of the company's stock valued at $104,000 after purchasing an additional 1,597 shares in the last quarter. Finally, Elevatus Welath Management acquired a new stake in shares of CION Investment during the 1st quarter worth about $115,000. Hedge funds and other institutional investors own 32.01% of the company's stock.

Analysts Set New Price Targets

CION has been the subject of a number of analyst reports. Zacks Research raised shares of CION Investment from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 21st. Wall Street Zen raised shares of CION Investment from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Wells Fargo & Company reiterated an "underweight" rating and issued a $8.50 price target (down from $9.00) on shares of CION Investment in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $10.75.

CION Investment Price Performance

CION stock traded down $0.05 during trading on Thursday, reaching $10.73. 218,344 shares of the stock traded hands, compared to its average volume of 265,014. The business's 50 day moving average price is $10.05 and its 200-day moving average price is $10.23. The firm has a market capitalization of $558.67 million, a PE ratio of -56.44 and a beta of 1.11. CION Investment Corporation 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 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 firm had revenue of $52.24 million for the quarter, compared to analysts' expectations of $53.34 million. CION Investment had a positive return on equity of 9.63% and a negative net margin of 4.57%. On average, equities research analysts predict that CION Investment Corporation will post 1.78 earnings per share for the current year.

CION Investment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.44 annualized dividend and a yield of 13.4%. CION Investment's payout ratio is -757.89%.

CION Investment 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.