CION Investment (NYSE:CION) Upgraded by Zacks Research to Strong-Buy Rating

CION Investment (NYSE:CION) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

A number of other research firms also recently commented on CION. Wall Street Zen downgraded CION Investment from a “strong-buy” rating to a “hold” rating in a report on Saturday, March 14th. Weiss Ratings raised shares of CION Investment from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, June 1st. Finally, Wells Fargo & Company reduced their price objective on shares of CION Investment from $7.00 to $6.50 and set an “underweight” rating for the company in a research note on Monday, May 11th. 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 stock. Based on data from MarketBeat.com, CION Investment presently has an average rating of “Hold” and a consensus price target of $6.50.

CION Investment Trading Up 4.6%

Shares of CION stock opened at $6.51 on Tuesday. The company has a market cap of $324.38 million, a price-to-earnings ratio of -162.83 and a beta of 1.10. The stock has a 50 day simple moving average of $6.88 and a 200-day simple moving average of $7.90. CION Investment has a 12-month low of $5.97 and a 12-month high of $10.93.

CION Investment (NYSE:CION) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $49.54 million during the quarter, compared to analysts’ expectations of $49.12 million. On average, equities analysts forecast that CION Investment will post 1.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp boosted its position in shares of CION Investment by 4.2% in the 3rd quarter. Van ECK Associates Corp now owns 1,359,023 shares of the company’s stock worth $12,883,000 after buying an additional 54,317 shares in the last quarter. Invesco Ltd. increased its holdings in CION Investment by 33.6% during the 2nd quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock valued at $12,854,000 after acquiring an additional 338,121 shares in the last quarter. North Ground Capital increased its holdings in CION Investment by 8.4% during the 4th quarter. North Ground Capital now owns 1,086,992 shares of the company’s stock valued at $10,511,000 after acquiring an additional 84,214 shares in the last quarter. Private Advisor Group LLC raised its position in CION Investment by 16.2% during the first quarter. Private Advisor Group LLC now owns 860,616 shares of the company’s stock worth $5,887,000 after acquiring an additional 119,783 shares during the last quarter. Finally, Callodine Capital Management LP raised its position in CION Investment by 8.9% during the first quarter. Callodine Capital Management LP now owns 612,388 shares of the company’s stock worth $4,189,000 after acquiring an additional 50,000 shares during the last quarter. Institutional investors and hedge funds own 32.01% of the company’s stock.

About CION Investment

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.