Zacks Research Upgrades CION Investment (NYSE:CION) to Strong-Buy

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

A number of other equities research analysts have also recently weighed in on CION. Wells Fargo & Company reaffirmed 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. Wall Street Zen raised CION Investment from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of CION Investment in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, CION Investment presently has a consensus rating of “Hold” and a consensus target price of $8.50.

CION Investment Stock Performance

Shares of NYSE:CION traded up $0.11 during trading on Wednesday, reaching $10.16. 475,583 shares of the stock were exchanged, compared to its average volume of 315,279. CION Investment has a 12-month low of $8.51 and a 12-month high of $12.71. The firm’s 50-day moving average price is $9.57 and its 200 day moving average price is $9.76. The firm has a market cap of $528.94 million, a price-to-earnings ratio of -53.44 and a beta of 1.08.

CION Investment (NYSE:CION) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.35 by $0.39. The company had revenue of $78.71 million for the quarter, compared to analyst estimates of $52.41 million. CION Investment had a positive return on equity of 9.63% and a negative net margin of 4.57%. As a group, equities research analysts forecast that CION Investment will post 1.78 EPS for the current year.

Hedge Funds Weigh In On CION Investment

Hedge funds have recently made changes to their positions in the business. North Ground Capital raised its holdings in shares of CION Investment by 100.6% in the 3rd quarter. North Ground Capital now owns 1,002,778 shares of the company’s stock worth $9,506,000 after buying an additional 502,778 shares in the last quarter. Invesco Ltd. raised its position in CION Investment by 33.6% in 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. Berger Financial Group Inc raised its position in shares of CION Investment by 27.6% during the second quarter. Berger Financial Group Inc now owns 487,404 shares of the company’s stock worth $4,664,000 after acquiring an additional 105,478 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in CION Investment by 98.8% in the second quarter. Envestnet Asset Management Inc. now owns 199,905 shares of the company’s stock valued at $1,913,000 after acquiring an additional 99,364 shares during the last quarter. Finally, Financial Gravity Companies Inc. acquired a new stake in CION Investment in the second quarter worth about $934,000. 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.