Short Interest in AFC Gamma, Inc. (NASDAQ:AFCG) Expands By 7.4%

AFC Gamma, Inc. (NASDAQ:AFCG) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 462,000 shares, an increase of 7.4% from the October 15th total of 430,000 shares. Based on an average daily volume of 175,300 shares, the short-interest ratio is presently 2.6 days. Approximately 2.8% of the company’s stock are short sold.

Analyst Ratings Changes

A number of brokerages have commented on AFCG. Jefferies Financial Group reduced their price objective on AFC Gamma from $16.00 to $13.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Compass Point raised AFC Gamma from a “sell” rating to a “neutral” rating and reduced their price target for the stock from $10.00 to $9.00 in a research report on Friday, August 16th. Finally, Seaport Res Ptn raised shares of AFC Gamma to a “strong-buy” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Hedge Funds Weigh In On AFC Gamma

Several large investors have recently modified their holdings of AFCG. Tidal Investments LLC bought a new stake in shares of AFC Gamma during the 1st quarter valued at about $7,001,000. State Street Corp boosted its stake in AFC Gamma by 2.8% in the third quarter. State Street Corp now owns 376,611 shares of the company’s stock valued at $3,968,000 after acquiring an additional 10,320 shares during the period. Renaissance Technologies LLC grew its holdings in shares of AFC Gamma by 1.4% during the second quarter. Renaissance Technologies LLC now owns 134,400 shares of the company’s stock valued at $1,640,000 after purchasing an additional 1,900 shares during the last quarter. AdvisorShares Investments LLC raised its position in shares of AFC Gamma by 14.7% during the 2nd quarter. AdvisorShares Investments LLC now owns 124,606 shares of the company’s stock worth $1,505,000 after purchasing an additional 16,000 shares during the period. Finally, Penserra Capital Management LLC lifted its holdings in shares of AFC Gamma by 22.9% in the 3rd quarter. Penserra Capital Management LLC now owns 78,261 shares of the company’s stock worth $799,000 after purchasing an additional 14,570 shares during the last quarter. Institutional investors own 26.53% of the company’s stock.

AFC Gamma Stock Down 1.4 %

Shares of NASDAQ AFCG opened at $9.12 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 4.77 and a current ratio of 3.92. AFC Gamma has a 1 year low of $8.06 and a 1 year high of $13.35. The stock’s 50-day simple moving average is $10.05 and its 200-day simple moving average is $10.64. The firm has a market cap of $200.18 million, a price-to-earnings ratio of 22.80 and a beta of 1.05.

AFC Gamma Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.33 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 14.47%. AFC Gamma’s dividend payout ratio (DPR) is presently 330.00%.

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.