AFC Gamma, Inc. (NASDAQ:AFCG) Sees Significant Decrease in Short Interest

AFC Gamma, Inc. (NASDAQ:AFCG) was the target of a large drop in short interest during the month of June. As of June 15th, there was short interest totalling 653,400 shares, a drop of 8.6% from the May 31st total of 714,700 shares. Based on an average daily volume of 114,600 shares, the short-interest ratio is presently 5.7 days. Currently, 4.0% of the company’s shares are short sold.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Compass Point downgraded AFC Gamma from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a report on Tuesday, May 28th. JMP Securities restated a “market perform” rating on shares of AFC Gamma in a research note on Thursday, June 27th.

Insider Buying and Selling

In related news, Chairman Leonard M. Tannenbaum bought 31,335 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was acquired at an average cost of $12.09 per share, with a total value of $378,840.15. Following the transaction, the chairman now directly owns 3,775,973 shares in the company, valued at $45,651,513.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 26.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AFC Gamma

A number of hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC acquired a new position in AFC Gamma during the 1st quarter valued at about $7,001,000. Anson Funds Management LP purchased a new position in shares of AFC Gamma in the 1st quarter worth approximately $319,000. O Shaughnessy Asset Management LLC boosted its stake in shares of AFC Gamma by 88.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 46,806 shares of the company’s stock worth $579,000 after buying an additional 21,915 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of AFC Gamma by 8.1% in the 1st quarter. Empowered Funds LLC now owns 51,324 shares of the company’s stock worth $635,000 after buying an additional 3,850 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of AFC Gamma by 9.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 279,534 shares of the company’s stock worth $3,519,000 after buying an additional 24,506 shares during the last quarter. Institutional investors and hedge funds own 26.53% of the company’s stock.

AFC Gamma Stock Performance

Shares of AFCG opened at $12.18 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.86 and a quick ratio of 4.86. The stock has a 50-day moving average of $12.14 and a 200-day moving average of $12.01. The company has a market cap of $251.76 million, a PE ratio of 23.42 and a beta of 1.03. AFC Gamma has a one year low of $10.41 and a one year high of $14.60.

AFC Gamma (NASDAQ:AFCG) last issued its earnings results on Thursday, May 9th. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.02). The firm had revenue of $16.36 million during the quarter, compared to analyst estimates of $18.50 million. AFC Gamma had a net margin of 16.27% and a return on equity of 11.77%. On average, equities research analysts predict that AFC Gamma will post 1.92 EPS for the current fiscal year.

AFC Gamma Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 8th will be paid a dividend of $0.48 per share. The ex-dividend date of this dividend is Monday, July 8th. This represents a $1.92 dividend on an annualized basis and a yield of 15.76%. AFC Gamma’s dividend payout ratio (DPR) is currently 369.24%.

AFC Gamma Company Profile

AFC Gamma, Inc originates, structures, underwrites, and invests in senior secured loans, and other various commercial real estate loans and debt securities for established companies operating in the cannabis industry. It primarily originates loans structured as senior loans secured by real estate, equipment, and licenses and/or other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties.