Short Interest in AFC Gamma, Inc. (NASDAQ:AFCG) Grows By 55.3%

AFC Gamma, Inc. (NASDAQ:AFCG) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 1,040,000 shares, an increase of 55.3% from the March 15th total of 669,500 shares. Based on an average daily volume of 232,500 shares, the days-to-cover ratio is currently 4.5 days. Currently, 5.9% of the shares of the stock are sold short.

AFC Gamma Stock Performance

NASDAQ AFCG opened at $5.06 on Friday. The company has a current ratio of 3.92, a quick ratio of 3.92 and a debt-to-equity ratio of 0.29. The firm’s fifty day moving average price is $6.89 and its two-hundred day moving average price is $8.41. The firm has a market capitalization of $114.34 million, a P/E ratio of 12.65 and a beta of 1.19. AFC Gamma has a 1 year low of $4.34 and a 1 year high of $12.74.

AFC Gamma Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.23 dividend. The ex-dividend date of this dividend was Monday, March 31st. AFC Gamma’s dividend payout ratio is 115.00%.

Insiders Place Their Bets

In other news, CEO Daniel Neville acquired 30,349 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were purchased at an average cost of $6.52 per share, for a total transaction of $197,875.48. Following the transaction, the chief executive officer now owns 161,011 shares of the company’s stock, valued at approximately $1,049,791.72. This represents a 23.23 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leonard M. Tannenbaum acquired 32,007 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was purchased at an average price of $6.52 per share, with a total value of $208,685.64. Following the completion of the transaction, the director now owns 3,909,876 shares of the company’s stock, valued at approximately $25,492,391.52. This trade represents a 0.83 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 146,606 shares of company stock valued at $930,691. 26.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AFC Gamma

Several hedge funds have recently added to or reduced their stakes in AFCG. McIlrath & Eck LLC acquired a new stake in AFC Gamma during the third quarter worth approximately $52,000. Martingale Asset Management L P increased its position in shares of AFC Gamma by 24.1% in the fourth quarter. Martingale Asset Management L P now owns 20,623 shares of the company’s stock worth $172,000 after purchasing an additional 4,005 shares during the period. Barclays PLC increased its holdings in AFC Gamma by 257.0% in the 3rd quarter. Barclays PLC now owns 22,567 shares of the company’s stock valued at $231,000 after buying an additional 16,245 shares during the period. Geode Capital Management LLC raised its position in AFC Gamma by 57.8% during the third quarter. Geode Capital Management LLC now owns 24,225 shares of the company’s stock valued at $248,000 after purchasing an additional 8,877 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of AFC Gamma by 4.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 50,403 shares of the company’s stock worth $515,000 after buying an additional 2,200 shares in the last quarter. Institutional investors and hedge funds own 26.53% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on AFCG. JMP Securities reaffirmed a “market perform” rating on shares of AFC Gamma in a research note on Thursday, January 23rd. Jefferies Financial Group downgraded AFC Gamma from a “buy” rating to a “hold” rating and reduced their price target for the stock from $10.00 to $7.00 in a research report on Friday, March 14th. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AFC Gamma currently has an average rating of “Moderate Buy” and an average target price of $9.67.

About AFC Gamma

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.