CION Investment Co. (NYSE:CION) Sees Significant Increase in Short Interest

CION Investment Co. (NYSE:CION) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 157,900 shares, an increase of 124.3% from the October 31st total of 70,400 shares. Based on an average trading volume of 189,200 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.3% of the company’s stock are short sold.

CION Investment Trading Down 0.3 %

CION Investment stock traded down $0.03 during trading hours on Thursday, hitting $11.73. 364,479 shares of the stock traded hands, compared to its average volume of 228,522. The firm’s 50-day moving average price is $11.76 and its two-hundred day moving average price is $12.03. The company has a market cap of $625.09 million, a PE ratio of 7.98 and a beta of 1.18. CION Investment has a one year low of $10.52 and a one year high of $12.69.

CION Investment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.36 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 12.28%. CION Investment’s dividend payout ratio is currently 97.96%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Wells Fargo & Company cut their price objective on CION Investment from $12.00 to $11.50 and set an “equal weight” rating on the stock in a research report on Tuesday, October 29th. Oppenheimer assumed coverage on CION Investment in a research report on Tuesday, October 8th. They set a “market perform” rating and a $13.00 price objective on the stock.

Institutional Trading of CION Investment

A number of hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its position in shares of CION Investment by 5.7% in the 3rd quarter. Van ECK Associates Corp now owns 1,307,974 shares of the company’s stock worth $15,617,000 after purchasing an additional 70,608 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of CION Investment by 1,090.0% in the 3rd quarter. International Assets Investment Management LLC now owns 871,080 shares of the company’s stock worth $103,660,000 after purchasing an additional 797,880 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of CION Investment by 32.5% in the 2nd quarter. Acadian Asset Management LLC now owns 695,609 shares of the company’s stock worth $8,427,000 after purchasing an additional 170,635 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of CION Investment by 5.5% in the 3rd quarter. Private Advisor Group LLC now owns 651,505 shares of the company’s stock worth $7,753,000 after purchasing an additional 34,061 shares in the last quarter. Finally, Cetera Investment Advisers boosted its position in shares of CION Investment by 2,340.1% in the 1st quarter. Cetera Investment Advisers now owns 524,131 shares of the company’s stock worth $5,765,000 after purchasing an additional 502,651 shares in the last quarter. 32.01% of the stock is 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.