CION Investment’s (CION) “Underweight” Rating Reaffirmed at Wells Fargo & Company

CION Investment (NYSE:CION)‘s stock had its “underweight” rating restated by investment analysts at Wells Fargo & Company in a report released on Monday. They presently have a $10.00 target price on the stock, down from their prior target price of $11.00. Wells Fargo & Company‘s price objective would suggest a potential downside of 12.08% from the company’s current price.

CION Investment Stock Performance

NYSE CION opened at $11.37 on Monday. CION Investment has a twelve month low of $10.52 and a twelve month high of $12.71. The stock has a market cap of $606.07 million, a PE ratio of 7.74 and a beta of 1.11. The firm has a 50-day simple moving average of $11.78 and a 200 day simple moving average of $11.74.

CION Investment (NYSE:CION) last posted its quarterly earnings results on Thursday, March 13th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). CION Investment had a return on equity of 11.49% and a net margin of 31.21%. The business had revenue of $87.91 million for the quarter, compared to analyst estimates of $54.11 million. Research analysts forecast that CION Investment will post 1.78 earnings per share for the current fiscal year.

Institutional Trading of CION Investment

A number of large investors have recently bought and sold shares of the stock. Invesco Ltd. acquired a new stake in shares of CION Investment in the fourth quarter valued at $11,882,000. Wells Fargo & Company MN lifted its position in shares of CION Investment by 6,958.9% during the fourth quarter. Wells Fargo & Company MN now owns 722,201 shares of the company’s stock worth $8,233,000 after purchasing an additional 711,970 shares in the last quarter. Bulldog Investors LLP grew its stake in shares of CION Investment by 62.4% during the fourth quarter. Bulldog Investors LLP now owns 1,682,352 shares of the company’s stock valued at $19,190,000 after purchasing an additional 646,596 shares during the last quarter. Wealthfront Advisers LLC acquired a new stake in shares of CION Investment in the fourth quarter valued at approximately $6,899,000. Finally, CF Capital LLC bought a new position in CION Investment in the 4th quarter worth approximately $4,809,000. 32.01% of the stock is currently owned by institutional investors.

About CION Investment

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.