CION Investment (NYSE:CION) Shares Gap Down – Should You Sell?

CION Investment Co. (NYSE:CION) shares gapped down before the market opened on Monday . The stock had previously closed at $11.37, but opened at $11.05. CION Investment shares last traded at $11.09, with a volume of 78,433 shares.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company restated an “underweight” rating and set a $10.00 price target (down previously from $11.00) on shares of CION Investment in a research note on Monday.

CION Investment Price Performance

The stock has a market cap of $576.55 million, a P/E ratio of 7.34 and a beta of 1.11. The business’s 50 day simple moving average is $11.78 and its 200 day simple moving average is $11.74.

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

CION Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 13.31%. The ex-dividend date of this dividend is Friday, March 28th. CION Investment’s payout ratio is 228.57%.

Institutional Trading of CION Investment

A number of hedge funds and other institutional investors have recently modified their holdings of CION. Ameriflex Group Inc. acquired a new stake in CION Investment during the 4th quarter worth $55,000. Golden State Wealth Management LLC bought a new position in shares of CION Investment during the fourth quarter worth $96,000. Aquatic Capital Management LLC bought a new position in shares of CION Investment during the fourth quarter worth $103,000. Quantbot Technologies LP bought a new stake in CION Investment in the 3rd quarter valued at $104,000. Finally, Coppell Advisory Solutions LLC lifted its position in CION Investment by 11.1% in the 4th quarter. Coppell Advisory Solutions LLC now owns 10,966 shares of the company’s stock valued at $123,000 after acquiring an additional 1,093 shares in the last quarter. 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.