Weiss Ratings Reiterates "Hold (C-)" Rating for CION Investment (NYSE:CION)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C-)" rating for CION Investment (NYSE:CION), despite varying ratings from other brokerages, including a recent upgrade from Zacks Research to "Strong Buy."
• CION Investment reported a net loss with earnings per share of $0.32 for the latest quarter, falling short of analysts' expectations of $0.34.
• Institutional investors and hedge funds own approximately 32.01% of CION Investment's stock, with several making significant increases in their positions recently.

CION Investment (NYSE:CION - Get Free Report)'s stock had its "hold (c-)" rating reaffirmed by equities researchers at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

A number of other brokerages also recently commented on CION. Zacks Research upgraded CION Investment from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 21st. Wells Fargo & Company restated an "underweight" rating and issued a $8.50 target price (down previously from $9.00) on shares of CION Investment in a research note on Tuesday, August 12th. Finally, Wall Street Zen upgraded 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $8.50.

CION Investment Stock Performance

Shares of CION stock traded down $0.01 on Wednesday, reaching $9.31. 196,925 shares of the company's stock traded hands, compared to its average volume of 282,737. CION Investment has a 12-month low of $8.51 and a 12-month high of $12.71. The company has a market capitalization of $484.96 million, a P/E ratio of -49.00 and a beta of 1.08. The business's 50 day moving average price is $10.11 and its two-hundred day moving average price is $9.82.

CION Investment (NYSE:CION - Get Free Report) last issued its quarterly earnings results 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). CION Investment had a negative net margin of 4.57% and a positive return on equity of 9.63%. The business had revenue of $52.24 million for the quarter, compared to analysts' expectations of $53.34 million. Research analysts predict that CION Investment will post 1.78 earnings per share for the current year.

Hedge Funds Weigh In On CION Investment

Several large investors have recently made changes to their positions in the business. Invesco Ltd. lifted its position in shares of CION Investment by 33.6% during the 2nd quarter. Invesco Ltd. now owns 1,343,185 shares of the company's stock worth $12,854,000 after purchasing an additional 338,121 shares during the last quarter. LPL Financial LLC lifted its position in shares of CION Investment by 2.7% during the 1st quarter. LPL Financial LLC now owns 992,946 shares of the company's stock worth $10,277,000 after purchasing an additional 25,706 shares during the last quarter. Private Advisor Group LLC lifted its position in shares of CION Investment by 10.7% during the 1st quarter. Private Advisor Group LLC now owns 739,356 shares of the company's stock worth $7,652,000 after purchasing an additional 71,434 shares during the last quarter. North Ground Capital lifted its position in shares of CION Investment by 37.8% during the 1st quarter. North Ground Capital now owns 581,100 shares of the company's stock worth $5,840,000 after purchasing an additional 159,299 shares during the last quarter. Finally, Callodine Capital Management LP lifted its position in shares of CION Investment by 10.0% during the 2nd quarter. Callodine Capital Management LP now owns 550,000 shares of the company's stock worth $5,264,000 after purchasing an additional 50,000 shares during the last quarter. Institutional investors and hedge funds 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.

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