CION Investment Co. (NYSE:CION) sees significant increase in short-term interest

CION Investment Co. (NYSE: CION – Get a rating) experienced strong growth in short-term interest during the month of June. As of June 15, there were short interests totaling 159,600 shares, a growth of 96.8% from the total of 81,100 shares as of May 31. Based on an average trading volume of 198,000 shares, the day-to-cover ratio is currently 0.8 days.

In other CION Investment news, Chief Financial Officer Keith S. Franz acquired 20,000 shares in a trade dated Friday, May 13. The shares were acquired at an average cost of $10.50 per share, with a total value of $210,000.00. Following the transaction, the CFO now owns 35,000 shares of the company, valued at approximately $367,500. The transaction was disclosed in an SEC filing, which is available via the SEC website. Additionally, CEO Mark Gatto acquired 5,000 shares in a transaction dated Thursday, May 19. The shares were acquired at an average cost of $10.98 per share, with a total value of $54,900.00. Following completion of the transaction, the CEO now owns 32,806 shares of the company, valued at approximately $360,209.88. Disclosure of this purchase can be found here. Insiders acquired a total of 28,360 shares of the company worth $301,129 over the past ninety days. 0.25% of the shares are currently held by insiders.

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Institutional investors and hedge funds have recently increased or reduced their stakes in the stock. Continuum Advisory LLC acquired a new stake in the shares of CION Investment in the 4th quarter for a value of approximately $445,000. Resources Investment Advisors LLC. acquired a new stake in CION Investment during the 4th quarter at a value of $754,000. Paradigm Financial Partners LLC acquired a new stake in CION Investment during the 4th quarter at a value of $7,358,000. Regatta Capital Group LLC acquired a new stake in CION Investment during the 4th quarter at a value of $243,000. Finally, Cedar Brook Financial Partners LLC acquired a new stake in CION Investment during the 4th quarter at a value of $289,000. Institutional investors and hedge funds hold 3.48% of the company’s shares.

CION shares opened at $8.70 on Friday. The company has a market cap of $495.53 million and a price-to-earnings ratio of 7.84. The stock has a 50-day simple moving average of $10.26 and a 200-day simple moving average of $11.93. CION Investment has a 12-month low of $7.85 and a 12-month high of $15.09.

CION Investment (NYSE:CION- Get a rating) last released its quarterly results on Thursday, May 12. The company reported earnings per share of $0.34 for the quarter. The company had revenue of $41.68 million for the quarter. CION Investment achieved a return on equity of 8.18% and a net margin of 47.28%.

Separately, Wells Fargo & Company cut its price target on CION Investment from $12.50 to $11.50 and set an “equal weight” rating for the company in a Monday, April 25 research note.

About CION Investment (Get a rating)

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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