Zacks Research Downgrades CION Investment (NYSE:CION) to Hold

Key Points

• Zacks Research downgraded CION Investment from “strong buy” to “hold.” Other analyst actions were also negative, resulting in a MarketBeat consensus rating of “sell” and a $6.50 average price target.
• CION shares opened at $5.92, near their 52-week low of $5.83, with the stock down 0.9%; its 50-day and 200-day moving averages stood at $6.46 and $7.38, respectively.
• The company reported quarterly EPS of $0.25, missing the $0.27 consensus estimate, although revenue of $49.54 million exceeded expectations of $49.12 million. Institutional investors and hedge funds own approximately 32.01% of the stock.

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

CION has been the subject of a number of other reports. Wells Fargo & Company reduced their price target on shares of CION Investment from $7.00 to $6.50 and set an "underweight" rating for the company in a research report on Monday, May 11th. Weiss Ratings lowered CION Investment from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, July 2nd. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Sell" and a consensus target price of $6.50.

CION Investment Stock Down 0.9%

NYSE:CION opened at $5.92 on Wednesday. CION Investment has a fifty-two week low of $5.83 and a fifty-two week high of $10.93. The stock has a market cap of $294.56 million, a PE ratio of -147.86 and a beta of 1.10. The firm's fifty day simple moving average is $6.46 and its 200-day simple moving average is $7.38.

CION Investment (NYSE:CION - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.02). CION Investment had a negative net margin of 0.41% and a positive return on equity of 11.96%. The company had revenue of $49.54 million during the quarter, compared to analyst estimates of $49.12 million. Equities analysts anticipate that CION Investment will post 1.05 earnings per share for the current year.

Institutional Investors Weigh In On CION Investment

Large investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets purchased a new position in CION Investment during the third quarter worth $37,000. Geneos Wealth Management Inc. lifted its position in shares of CION Investment by 21.7% in the second quarter. Geneos Wealth Management Inc. now owns 8,802 shares of the company's stock valued at $84,000 after acquiring an additional 1,571 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of CION Investment by 183.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 8,872 shares of the company's stock valued at $86,000 after acquiring an additional 5,739 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of CION Investment during the first quarter valued at $87,000. Finally, Diversify Advisory Services LLC purchased a new stake in CION Investment during the 4th quarter worth about $95,000. Institutional investors and hedge funds own 32.01% of the company's stock.

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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