Investment analysts at Wall Street Zen have downgraded the rating of CION Investment (NYSE:CION) from a “strong-buy” to a “buy.” This change, noted in a research note issued on November 6, 2023, reflects a shift in the analysts’ outlook on the company’s stock performance.
Other analysts have also recently assessed CION Investment. On November 12, Zacks Research upgraded the stock from a “hold” rating to a “strong-buy,” indicating a more optimistic view. Conversely, Weiss Ratings maintained a “hold (c)” rating for the company in a report released on December 29. Currently, one research analyst has assigned a “strong-buy” rating, while another has issued a “hold” rating, and a third has given the stock a “sell” rating. According to MarketBeat, the average rating for CION Investment stands at “hold,” with a consensus target price of $8.50.
Recent Earnings Performance
CION Investment reported its quarterly earnings on November 6, revealing a significant performance boost. The company achieved an earnings per share (EPS) of $0.74, surpassing the consensus estimate of $0.35 by $0.39. The firm’s revenue for the quarter reached $78.71 million, exceeding analyst expectations of $52.41 million. CION also demonstrated a return on equity of 12.02% and a net margin of 10.59%. Analysts forecast that CION Investment will post an EPS of 1.78 for the current year.
Institutional Investor Activity
Recent activity among hedge funds and institutional investors indicates a growing interest in CION Investment. AE Wealth Management LLC increased its stake in the company by 3.3% during the second quarter, bringing its total holdings to 33,123 shares valued at $317,000. Similarly, Kestra Private Wealth Services LLC raised its holdings by 5.0% in the third quarter, now owning 23,324 shares worth $221,000.
Golden State Wealth Management LLC also boosted its position in CION by 7.2%, acquiring an additional 1,363 shares, resulting in a total of 20,219 shares valued at $192,000. Furthermore, Ameriprise Financial Inc. increased its holdings by 2.9%, now owning 50,424 shares valued at $478,000. Orion Portfolio Solutions LLC similarly expanded its stake by 8.1%, with 19,269 shares worth $183,000. Overall, institutional investors now own 32.01% of CION Investment’s stock.
CION Investment Corporation operates as a closed-end, non-diversified management investment company under the Investment Company Act of 1940. It is externally managed by CION Investment Management, LLC, and focuses on providing flexible capital solutions to middle-market companies in the U.S. and Canada. The firm employs a strategy that combines debt and equity financing to facilitate growth, acquisitions, and other strategic initiatives.
