AFC Gamma, Inc. (NASDAQ:AFCG) Sees Large Decline in Short Interest

AFC Gamma, Inc. (NASDAQ:AFCG) was the target of a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 653,400 shares, a decline of 8.6% from the May 31st total of 714,700 shares. Based on an average daily volume of 114,600 shares, the short-interest ratio is currently 5.7 days. Currently, 4.0% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AFCG shares. Compass Point cut shares of AFC Gamma from a “neutral” rating to a “sell” rating and set a $10.00 target price on the stock. in a research note on Tuesday, May 28th. JMP Securities restated a “market perform” rating on shares of AFC Gamma in a research note on Thursday, June 27th.

AFC Gamma Price Performance

NASDAQ AFCG traded up $0.10 on Tuesday, reaching $12.18. The company had a trading volume of 128,740 shares, compared to its average volume of 119,027. The company has a quick ratio of 4.86, a current ratio of 4.86 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $251.76 million, a PE ratio of 23.23 and a beta of 1.03. The firm’s 50 day moving average price is $12.13 and its 200 day moving average price is $12.01. AFC Gamma has a 12 month low of $10.41 and a 12 month high of $14.60.

AFC Gamma (NASDAQ:AFCG) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The company had revenue of $16.36 million during the quarter, compared to the consensus estimate of $18.50 million. AFC Gamma had a net margin of 16.27% and a return on equity of 11.77%. As a group, equities analysts predict that AFC Gamma will post 1.92 earnings per share for the current year.

AFC Gamma Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 8th will be issued a $0.48 dividend. The ex-dividend date of this dividend is Monday, July 8th. This represents a $1.92 dividend on an annualized basis and a yield of 15.76%. AFC Gamma’s dividend payout ratio is currently 369.24%.

Insiders Place Their Bets

In other AFC Gamma news, Chairman Leonard M. Tannenbaum purchased 31,335 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were acquired at an average price of $12.09 per share, for a total transaction of $378,840.15. Following the purchase, the chairman now directly owns 3,775,973 shares of the company’s stock, valued at approximately $45,651,513.57. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 26.20% of the stock is currently owned by insiders.

Institutional Trading of AFC Gamma

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC bought a new stake in AFC Gamma in the 1st quarter valued at $7,001,000. Anson Funds Management LP bought a new stake in shares of AFC Gamma in the 1st quarter worth about $319,000. O Shaughnessy Asset Management LLC increased its holdings in shares of AFC Gamma by 88.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 46,806 shares of the company’s stock worth $579,000 after buying an additional 21,915 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of AFC Gamma by 8.1% in the 1st quarter. Empowered Funds LLC now owns 51,324 shares of the company’s stock worth $635,000 after buying an additional 3,850 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of AFC Gamma by 9.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 279,534 shares of the company’s stock worth $3,519,000 after buying an additional 24,506 shares during the last quarter. 26.53% of the stock is currently owned by institutional investors.

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.