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

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

CION has been the topic of several other research reports. Weiss Ratings raised CION Investment from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, June 1st. Wall Street Zen downgraded CION Investment from a “strong-buy” rating to a “hold” rating in a research note on Saturday, March 14th. Finally, Wells Fargo & Company reduced their price objective on 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 given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, CION Investment presently has a consensus rating of “Hold” and an average target price of $6.50.

CION Investment Trading Up 4.6%

Shares of NYSE:CION opened at $6.51 on Tuesday. The firm has a 50 day simple moving average of $6.88 and a 200-day simple moving average of $7.90. CION Investment has a twelve month low of $5.97 and a twelve month high of $10.93. The company has a market capitalization of $324.38 million, a PE ratio of -162.83 and a beta of 1.10.

CION Investment (NYSE:CION) last announced its quarterly earnings results 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 positive return on equity of 11.96% and a negative net margin of 0.41%.The company had revenue of $49.54 million for the quarter, compared to analyst estimates of $49.12 million. As a group, equities research analysts predict that CION Investment will post 1.05 EPS for the current fiscal year.

Institutional Investors Weigh In On CION Investment

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets acquired a new stake in shares of CION Investment during the third quarter worth $37,000. Geneos Wealth Management Inc. increased its stake in CION Investment by 21.7% in the 2nd quarter. Geneos Wealth Management Inc. now owns 8,802 shares of the company’s stock valued at $84,000 after buying an additional 1,571 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in CION Investment by 183.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 8,872 shares of the company’s stock worth $86,000 after buying an additional 5,739 shares during the last quarter. Empowered Funds LLC purchased a new position in CION Investment during the 1st quarter worth $87,000. Finally, Diversify Advisory Services LLC acquired a new stake in shares of CION Investment in the 4th quarter worth $95,000. Hedge funds and other institutional investors 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.