CION Investment Co. (NYSE:CION – Get Rating) was the target of a large increase in short interest during the month of December. As of December 30th, there was short interest totalling 321,200 shares, an increase of 510.6% from the December 15th total of 52,600 shares. Based on an average daily trading volume, of 282,400 shares, the short-interest ratio is presently 1.1 days.
CION Investment Stock Performance
Shares of NYSE:CION traded up $0.12 during trading on Tuesday, reaching $10.82. The company had a trading volume of 997 shares, compared to its average volume of 195,747. The firm's fifty day moving average is $10.27 and its 200 day moving average is $9.62. The firm has a market capitalization of $599.75 million, a PE ratio of 10.70 and a beta of 1.49. CION Investment has a twelve month low of $7.83 and a twelve month high of $15.09.
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CION Investment (NYSE:CION – Get Rating) last issued its quarterly earnings results on Thursday, November 10th. The company reported $0.45 earnings per share for the quarter. The company had revenue of $54.16 million during the quarter. CION Investment had a net margin of 31.47% and a return on equity of 9.01%.
CION Investment Increases Dividend
The firm also recently announced a — dividend, which will be paid on Tuesday, January 31st. Investors of record on Friday, December 30th will be paid a dividend of $0.27 per share. The ex-dividend date is Thursday, December 29th. This is a positive change from CION Investment's previous — dividend of $0.20. This represents a yield of 11.8%. CION Investment's dividend payout ratio is currently 124.00%.
Insider Activity at CION Investment
In other CION Investment news, CFO Keith S. Franz acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, November 30th. The stock was acquired at an average price of $10.01 per share, with a total value of $100,100.00. Following the transaction, the chief financial officer now directly owns 55,500 shares in the company, valued at $555,555. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders acquired a total of 12,000 shares of company stock valued at $120,550 in the last quarter. Insiders own 0.25% of the company's stock.
Institutional Trading of CION Investment
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its stake in CION Investment by 50.0% during the third quarter. Allworth Financial LP now owns 3,688 shares of the company's stock valued at $31,000 after purchasing an additional 1,229 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in CION Investment by 6.1% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 26,571 shares of the company's stock valued at $393,000 after purchasing an additional 1,536 shares during the last quarter. Heirloom Wealth Management lifted its stake in CION Investment by 11.9% during the second quarter. Heirloom Wealth Management now owns 16,275 shares of the company's stock valued at $152,000 after purchasing an additional 1,726 shares during the last quarter. Gradient Investments LLC lifted its stake in CION Investment by 221.4% during the third quarter. Gradient Investments LLC now owns 3,066 shares of the company's stock valued at $26,000 after purchasing an additional 2,112 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in CION Investment by 109.7% during the third quarter. Signaturefd LLC now owns 4,665 shares of the company's stock valued at $40,000 after purchasing an additional 2,440 shares during the last quarter. 27.22% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Separately, Wells Fargo & Company upped their price target on shares of CION Investment from $9.50 to $10.25 and gave the stock an "overweight" rating in a research note on Friday, November 11th.
About CION Investment
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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.
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