CION Investment (NYSE:CION) Price Target Cut to $9.00 by Analysts at Wells Fargo & Company

CION Investment (NYSE:CION) had its price target lowered by equities researchers at Wells Fargo & Company from $10.00 to $9.00 in a report issued on Monday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 10.98% from the company’s previous close.

CION Investment Price Performance

CION stock traded up $0.03 during midday trading on Monday, hitting $10.11. The stock had a trading volume of 39,832 shares, compared to its average volume of 347,892. CION Investment has a 12-month low of $8.51 and a 12-month high of $12.71. The company’s 50-day moving average price is $10.76 and its 200 day moving average price is $11.31. The firm has a market cap of $536.10 million, a PE ratio of 6.88 and a beta of 1.17.

CION Investment (NYSE:CION) last released its earnings results on Thursday, March 13th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). CION Investment had a net margin of 31.21% and a return on equity of 11.49%. The company had revenue of $87.91 million during the quarter, compared to analysts’ expectations of $54.11 million. As a group, sell-side analysts anticipate that CION Investment will post 1.78 EPS for the current year.

Hedge Funds Weigh In On CION Investment

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bulldog Investors LLP raised its stake in CION Investment by 62.4% during the 4th quarter. Bulldog Investors LLP now owns 1,682,352 shares of the company’s stock valued at $19,190,000 after acquiring an additional 646,596 shares in the last quarter. Van ECK Associates Corp grew its position in CION Investment by 1.7% in the fourth quarter. Van ECK Associates Corp now owns 1,329,799 shares of the company’s stock worth $15,160,000 after buying an additional 21,825 shares during the last quarter. Invesco Ltd. bought a new position 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 4th quarter. Wells Fargo & Company MN now owns 722,201 shares of the company’s stock valued at $8,233,000 after acquiring an additional 711,970 shares during the last quarter. Finally, Private Advisor Group LLC boosted its stake in shares of CION Investment by 2.5% during the 4th quarter. Private Advisor Group LLC now owns 667,922 shares of the company’s stock worth $7,614,000 after acquiring an additional 16,417 shares in the last quarter. 32.01% of the stock is currently owned by institutional investors and hedge funds.

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.