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

CION Investment Co. (NYSE:CION) shares gapped down prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

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

CION Investment Stock Performance

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

CION Investment (NYSE:CION) last released 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%. As a group, research analysts expect that CION Investment Co. will post 1.78 earnings per share for the current fiscal 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 paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.44 annualized dividend and a dividend yield of 13.31%. CION Investment’s dividend payout ratio is presently 228.57%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Apollon Wealth Management LLC grew its stake in CION Investment by 81.4% in the 3rd quarter. Apollon Wealth Management LLC now owns 45,687 shares of the company’s stock valued at $544,000 after buying an additional 20,498 shares during the last quarter. Harbour Investments Inc. grew its stake in CION Investment by 17.3% in the 3rd quarter. Harbour Investments Inc. now owns 18,149 shares of the company’s stock valued at $216,000 after buying an additional 2,679 shares during the last quarter. OneDigital Investment Advisors LLC grew its stake in CION Investment by 7.2% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 196,724 shares of the company’s stock valued at $2,341,000 after buying an additional 13,182 shares during the last quarter. Advisors Asset Management Inc. grew its stake in CION Investment by 130.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 49,673 shares of the company’s stock valued at $591,000 after buying an additional 28,129 shares during the last quarter. Finally, Kingsview Wealth Management LLC grew its stake in CION Investment by 19.8% in the 3rd quarter. Kingsview Wealth Management LLC now owns 27,910 shares of the company’s stock valued at $332,000 after buying an additional 4,615 shares during the last quarter. 32.01% of the stock is currently owned by institutional investors and hedge funds.

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.