Short Interest in AFC Gamma, Inc. (NASDAQ:AFCG) Grows By 8.3%

AFC Gamma, Inc. (NASDAQ:AFCG) saw a large growth in short interest in September. As of September 30th, there was short interest totalling 488,800 shares, a growth of 8.3% from the September 15th total of 451,200 shares. Based on an average trading volume of 205,000 shares, the short-interest ratio is presently 2.4 days. Currently, 3.0% of the company’s stock are sold short.

Institutional Investors Weigh In On AFC Gamma

Several hedge funds have recently bought and sold shares of AFCG. Wasatch Advisors LP grew its position in shares of AFC Gamma by 11.6% during the 1st quarter. Wasatch Advisors LP now owns 640,617 shares of the company’s stock worth $7,931,000 after purchasing an additional 66,702 shares in the last quarter. Tidal Investments LLC acquired a new stake in AFC Gamma during the first quarter worth approximately $7,001,000. Mirae Asset Global Investments Co. Ltd. increased its stake in AFC Gamma by 9.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 279,534 shares of the company’s stock worth $3,519,000 after acquiring an additional 24,506 shares during the period. Renaissance Technologies LLC raised its holdings in AFC Gamma by 1.4% in the 2nd quarter. Renaissance Technologies LLC now owns 134,400 shares of the company’s stock valued at $1,640,000 after acquiring an additional 1,900 shares in the last quarter. Finally, AdvisorShares Investments LLC raised its holdings in AFC Gamma by 14.7% in the 2nd quarter. AdvisorShares Investments LLC now owns 124,606 shares of the company’s stock valued at $1,505,000 after acquiring an additional 16,000 shares in the last quarter. 26.53% of the stock is currently owned by institutional investors and hedge funds.

AFC Gamma Stock Up 1.7 %

AFCG stock opened at $10.20 on Wednesday. AFC Gamma has a 1-year low of $8.06 and a 1-year high of $13.35. The business’s 50 day simple moving average is $10.15 and its 200 day simple moving average is $10.95. The company has a current ratio of 4.77, a quick ratio of 4.77 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $210.80 million, a PE ratio of 19.62 and a beta of 1.05.

AFC Gamma (NASDAQ:AFCG) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.49 by $0.05. The firm had revenue of $19.96 million for the quarter, compared to the consensus estimate of $16.48 million. AFC Gamma had a net margin of 21.97% and a return on equity of 12.41%. As a group, research analysts anticipate that AFC Gamma will post 1.66 EPS for the current year.

AFC Gamma Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.33 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.32 annualized dividend and a yield of 12.94%. AFC Gamma’s dividend payout ratio is currently 253.85%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AFCG. JMP Securities reiterated a “market perform” rating on shares of AFC Gamma in a report on Thursday, June 27th. Seaport Res Ptn upgraded AFC Gamma to a “strong-buy” rating in a research note on Tuesday, October 8th. Jefferies Financial Group lowered their target price on shares of AFC Gamma from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. Finally, Compass Point raised shares of AFC Gamma from a “sell” rating to a “neutral” rating and decreased their price objective for the company from $10.00 to $9.00 in a research report on Friday, August 16th. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, AFC Gamma has an average rating of “Moderate Buy” and a consensus price target of $11.00.

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.