AFC Gamma, Inc. (NASDAQ:AFCG) saw a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 217,800 shares, an increase of 184.3% from the December 15th total of 76,600 shares. Currently, 2.0% of the company’s stock are short sold. Based on an average daily trading volume, of 183,800 shares, the short-interest ratio is currently 1.2 days.
AFCG has been the subject of a number of recent research reports. JMP Securities restated a “buy” rating and set a $29.00 price objective on shares of AFC Gamma in a research note on Tuesday, October 5th. Zacks Investment Research downgraded shares of AFC Gamma from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $26.39.
A number of institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. raised its holdings in AFC Gamma by 291,391.9% in the 3rd quarter. Citigroup Inc. now owns 1,002,732 shares of the company’s stock valued at $21,639,000 after acquiring an additional 1,002,388 shares during the period. Hood River Capital Management LLC increased its holdings in shares of AFC Gamma by 22.1% during the second quarter. Hood River Capital Management LLC now owns 975,348 shares of the company’s stock worth $20,141,000 after purchasing an additional 176,633 shares during the period. Weiss Multi Strategy Advisers LLC increased its holdings in shares of AFC Gamma by 119.1% during the second quarter. Weiss Multi Strategy Advisers LLC now owns 763,266 shares of the company’s stock worth $15,761,000 after purchasing an additional 414,974 shares during the period. Federated Hermes Inc. increased its holdings in shares of AFC Gamma by 19.4% during the second quarter. Federated Hermes Inc. now owns 700,000 shares of the company’s stock worth $14,455,000 after purchasing an additional 113,655 shares during the period. Finally, BlackRock Inc. increased its holdings in shares of AFC Gamma by 58.4% during the third quarter. BlackRock Inc. now owns 627,447 shares of the company’s stock worth $13,540,000 after purchasing an additional 231,260 shares during the period. 48.47% of the stock is currently owned by hedge funds and other institutional investors.
AFC Gamma (NASDAQ:AFCG) last released its quarterly earnings results on Wednesday, November 3rd. The company reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.01. The company had revenue of $10.62 million during the quarter, compared to the consensus estimate of $10.27 million. As a group, equities analysts forecast that AFC Gamma will post 1.84 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, January 14th. Shareholders of record on Friday, December 31st were issued a $0.50 dividend. This is a boost from AFC Gamma’s previous quarterly dividend of $0.38. This represents a $2.00 annualized dividend and a yield of 9.76%. The ex-dividend date of this dividend was Thursday, December 30th.
About AFC Gamma
AFC Gamma, Inc originates, structures, underwrites, and manages senior secured loans and other types of loans for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. It primarily originates loans structured as senior loans secured by real estate, equipment, licenses and/or other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties.
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