CION Investment Co. (NYSE: CION – Get a rating) saw a sharp drop in short-term interest rates during the month of June. As of June 30, there was short interest totaling 86,500 shares, a decrease of 45.8% from the total of 159,600 shares as of June 15. Based on an average daily volume of 220,700 shares, the short interest ratio is currently 0.4 days.
Analyst upgrades and downgrades
Separately, Wells Fargo & Company lowered its price target on CION Investment shares from $12.50 to $11.50 and set an “equal weight” rating for the company in a Monday 25 research report. april.
Insider Trading at CION Investment
Separately, director Robert A. Breakstone purchased 3,000 shares of the company in a transaction dated Thursday, June 2. The stock was purchased at an average price of $10.76 per share, with a total value of $32,280.00. Following the transaction, the director now owns 3,000 shares of the company, valued at $32,280. The acquisition was disclosed in a legal filing with the SEC, available at this link. In other CION Investment news, CEO Mark Gatto acquired 5,000 shares in a deal that took place on Thursday, May 19. The shares were acquired at an average price of $10.98 per share, with a total value of $54,900.00. As a result of the transaction, the CEO now directly owns 32,806 shares of the company, valued at $360,209.88. The acquisition was disclosed in an SEC filing, which is available via this link. Additionally, director Robert A. Breakstone acquired 3,000 shares in a transaction that took place on Thursday, June 2. The shares were acquired at an average cost of $10.76 per share, with a total value of $32,280.00. Following the transaction, the administrator now owns 3,000 shares of the company, valued at $32,280. Disclosure of this purchase can be found here. In the past 90 days, insiders have purchased 28,360 shares of the company valued at $301,129. Insiders own 0.25% of the shares of the company.
Institutional entries and exits
A number of hedge funds have recently changed their positions in the stock. AE Wealth Management LLC purchased a new stake in shares of CION Investment during the fourth quarter, valued at approximately $901,000. Kestra Advisory Services LLC acquired a new equity stake in CION Investment during Q4 for a value of approximately $3,269,000. Kestra Private Wealth Services LLC acquired a new equity stake in CION Investment during Q4 for a value of approximately $319,000. Allworth Financial LP acquired a new equity stake from CION Investment during Q4 worth approximately $140,000. Finally, Berger Financial Group Inc bought a new position in shares of CION Investment during the 4th quarter valued at approximately $1,862,000. 3.48% of the stock is currently held by institutional investors.
Performance of CION investment shares
Shares of NYSE:CION traded down $0.07 during Friday’s trading, hitting $8.20. The company had a trading volume of 287,984 shares, compared to an average volume of 279,327. The company has a market capitalization of $467.07 million and a PE ratio of 7.39. The company’s fifty-day moving average is $9.65 and its 200-day moving average is $11.61. CION Investment has a 12-month low of $7.83 and a 12-month high of $15.09.
CION Investment (NYSE:CION- Get a rating) last reported results on Thursday, May 12. The company reported EPS of $0.34 for the quarter. CION Investment posted a net margin of 47.28% and a return on equity of 8.18%. The company had revenue of $41.68 million for the quarter.
About CION Investment
CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, first lien loans, 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.
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