Insider Buying: AFC Gamma (NASDAQ:AFCG) Director Acquires $56,980.00 in Stock

AFC Gamma Inc. (NASDAQ:AFCG) Director Leonard Tannenbaum purchased 18,500 shares of the business’s stock in a transaction dated Friday, November 6th. The shares were acquired at an average price of $3.08 per share, for a total transaction of $56,980.00. Following the acquisition, the director directly owned 7,128,114 shares in the company, valued at $21,954,591.12. This represents a 0.26% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

AFC Gamma Price Performance

Shares of NASDAQ:AFCG opened at $3.51 on Thursday. The business has a 50-day moving average of $3.29 and a two-hundred day moving average of $2.99. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.27 and a quick ratio of 1.34. AFC Gamma Inc. has a fifty-two week low of $2.06 and a fifty-two week high of $3.84. The stock has a market capitalization of $78.64 million, a P/E ratio of 3.38 and a beta of 1.00.

AFC Gamma (NASDAQ:AFCG) last posted its earnings results on Thursday, November 5th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.12. AFC Gamma had a return on equity of 4.57% and a net margin of 71.50%. The firm had revenue of $8.57 million during the quarter, compared to analyst estimates of $8.30 million. On average, equities research analysts predict that AFC Gamma Inc. will post 0.71 EPS for the current fiscal year.

AFC Gamma Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Wednesday, September 30th. AFC Gamma’s dividend payout ratio (DPR) is currently 19.23%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Wall Street Zen lowered AFC Gamma from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings raised AFC Gamma from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, August 20th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, AFC Gamma currently has an average rating of “Reduce”.

About AFC Gamma

AFC Gamma, Inc. is a specialty finance company focused primarily on providing institutional debt financing to businesses operating in the regulated cannabis industry. The company has historically targeted established cannabis operators and other participants in the industry that may have limited access to traditional bank financing. Its financing activities have included senior secured loans, mortgage-backed loans and other structured debt arrangements. Borrowers may use these funds to support the acquisition, development or expansion of cannabis cultivation, processing, manufacturing and retail facilities, as well as related working-capital and corporate needs.