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

CION Investment Co. (NYSE:CION) 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 changing hands.

Analysts Set New Price Targets

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

CION Investment Trading Down 1.5 %

The stock has a 50-day simple moving average of $11.77 and a two-hundred day simple moving average of $11.72. The firm has a market capitalization of $576.29 million, a P/E ratio of 7.36 and a beta of 1.11.

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

CION Investment Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. increased its holdings in shares of CION Investment by 14.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 504,411 shares of the company’s stock valued at $5,750,000 after acquiring an additional 62,365 shares during the period. Jane Street Group LLC purchased a new position in shares of CION Investment in the 3rd quarter valued at $161,000. A&I Financial Services LLC purchased a new position in shares of CION Investment in the 4th quarter valued at $386,000. Whipplewood Advisors LLC purchased a new position in shares of CION Investment in the 4th quarter valued at $466,000. Finally, Arete Wealth Advisors LLC increased its position in CION Investment by 67.6% during the 3rd quarter. Arete Wealth Advisors LLC now owns 28,275 shares of the company’s stock valued at $337,000 after buying an additional 11,408 shares in the last quarter. 32.01% of the stock is currently owned by hedge funds and other institutional investors.

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.