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

CION Investment Co. (NYSE:CION) saw a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 32,400 shares, a drop of 56.7% from the June 30th total of 74,900 shares. Based on an average daily trading volume, of 202,600 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.1% of the company’s shares are short sold.

Insiders Place Their Bets

In other news, insider Gregg A. Bresner bought 2,000 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was bought at an average cost of $12.51 per share, for a total transaction of $25,020.00. Following the completion of the acquisition, the insider now directly owns 52,099 shares in the company, valued at approximately $651,758.49. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders bought a total of 3,210 shares of company stock worth $39,983 over the last ninety days. 0.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CION Investment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. raised its position in CION Investment by 42.0% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 295,387 shares of the company’s stock valued at $3,249,000 after acquiring an additional 87,382 shares in the last quarter. Van ECK Associates Corp raised its position in CION Investment by 7.6% during the first quarter. Van ECK Associates Corp now owns 1,069,799 shares of the company’s stock valued at $11,768,000 after acquiring an additional 75,859 shares in the last quarter. HighPoint Advisor Group LLC bought a new position in CION Investment during the fourth quarter valued at approximately $1,680,000. Great Valley Advisor Group Inc. raised its position in CION Investment by 51.4% during the fourth quarter. Great Valley Advisor Group Inc. now owns 20,633 shares of the company’s stock valued at $233,000 after acquiring an additional 7,003 shares in the last quarter. Finally, Quadrature Capital Ltd raised its position in CION Investment by 92.7% during the fourth quarter. Quadrature Capital Ltd now owns 117,710 shares of the company’s stock valued at $1,332,000 after acquiring an additional 56,624 shares in the last quarter. Institutional investors own 32.01% of the company’s stock.

CION Investment Stock Performance

Shares of CION stock traded up $0.06 during trading on Friday, hitting $12.30. 96,867 shares of the company were exchanged, compared to its average volume of 129,736. The firm has a market capitalization of $659.16 million, a price-to-earnings ratio of 5.04 and a beta of 1.19. The business’s 50-day simple moving average is $12.29 and its 200 day simple moving average is $11.57. CION Investment has a twelve month low of $9.65 and a twelve month high of $12.69.

CION Investment (NYSE:CION) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.60 EPS for the quarter. The business had revenue of $73.55 million during the quarter. CION Investment had a net margin of 51.16% and a return on equity of 12.53%.

CION Investment Dividend Announcement

The firm also recently disclosed a Variable dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.05 per share. This represents a yield of 12%. The ex-dividend date was Friday, June 28th. CION Investment’s payout ratio is presently 59.02%.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company raised their price target on shares of CION Investment from $11.50 to $12.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 15th.

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.