CION Investment (NYSE:CION) Upgraded to “Buy” at Wall Street Zen

CION Investment (NYSE:CION) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

CION has been the topic of several other research reports. Weiss Ratings restated a “hold (c-)” rating on shares of CION Investment in a research report on Wednesday, October 8th. Wells Fargo & Company reiterated an “underweight” rating and set a $8.50 price target (down previously from $9.00) on shares of CION Investment in a report on Tuesday, August 12th. Finally, Zacks Research cut CION Investment from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $8.50.

CION Investment Price Performance

CION stock traded down $0.15 during midday trading on Friday, hitting $9.61. 315,095 shares of the stock traded hands, compared to its average volume of 315,237. CION Investment has a 1-year low of $8.51 and a 1-year high of $12.71. The firm has a market cap of $500.56 million, a P/E ratio of -50.58 and a beta of 1.08. The stock’s fifty day simple moving average is $9.62 and its 200-day simple moving average is $9.76.

CION Investment (NYSE:CION) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.39. CION Investment had a positive return on equity of 9.63% and a negative net margin of 4.57%.The company had revenue of $78.71 million for the quarter, compared to the consensus estimate of $52.41 million. On average, research analysts predict that CION Investment will post 1.78 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new stake in shares of CION Investment during the first quarter worth about $27,000. Private Wealth Management Group LLC purchased a new stake in shares of CION Investment in the third quarter valued at about $30,000. Hollencrest Capital Management acquired a new position in shares of CION Investment during the first quarter worth about $31,000. Wealth Preservation Advisors LLC purchased a new position in CION Investment during the first quarter worth about $32,000. Finally, WPG Advisers LLC purchased a new position in CION Investment during the first quarter worth about $36,000. 32.01% of the stock is owned by hedge funds and other institutional investors.

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.