5 Stocks to Buy According to Bulldog Investors

4. CION Investment Corporation (NYSE:CION)

Bulldog Investors’ Stake Value: $5,824,000
Percentage of Bulldog Investors’ 13F Portfolio: 1.6%
Number of Hedge Fund Holders: 8

CION Investment Corporation (NYSE:CION) is a publicly traded business development corporation with total assets of about $1.9 billion as of June 30, 2022. By concentrating primarily on senior secured loans to American middle-market firms, CION Investment Corporation (NYSE:CION) attempts to provide investors with current income and, to a lesser extent, capital gain.

Finian O’Shea, a Wells Fargo analyst, upgraded CION Investment Corporation (NYSE:CION) from ‘Equal Weight’ to ‘Overweight’ on July 25 with a $9.50 price objective, down from $11.50. After the release of the Q2 results, the analyst cited the company’s share repurchase plan and its sharply discounted valuation for the upgrade.

Investors were recently seen buying CION Investment Corporation (NYSE:CION) shares. At the close of the second quarter, 8 hedge funds were bullish on the stock, compared to 6 in the previous quarter. With about 737,237 shares valued at $6.41 million, Millennium Management is the biggest shareholder of CION Investment Corporation (NYSE:CION).

Bulldog Investors began building its stake in CION Investment Corporation (NYSE:CION) in the fourth quarter of 2021. In the second quarter of 2022, it held 669,424 shares of CION Investment Corporation (NYSE:CION). These were worth $5.82 million and accounted for 1.6% of its portfolio. The hedge fund elevated its stake in the firm by 70% in the second quarter of 2022.