Short Interest in AFC Gamma, Inc. (NASDAQ:AFCG) Decreases By 12.0%

AFC Gamma, Inc. (NASDAQ:AFCG) saw a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 430,000 shares, a decline of 12.0% from the September 30th total of 488,800 shares. Based on an average trading volume of 183,900 shares, the days-to-cover ratio is currently 2.3 days. Approximately 2.6% of the shares of the company are sold short.

Institutional Investors Weigh In On AFC Gamma

Large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its stake in AFC Gamma by 4.8% during the second quarter. The Manufacturers Life Insurance Company now owns 23,296 shares of the company’s stock valued at $284,000 after buying an additional 1,071 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of AFC Gamma by 1.4% during the 2nd quarter. Renaissance Technologies LLC now owns 134,400 shares of the company’s stock worth $1,640,000 after acquiring an additional 1,900 shares in the last quarter. Empowered Funds LLC boosted its position in shares of AFC Gamma by 8.1% during the 1st quarter. Empowered Funds LLC now owns 51,324 shares of the company’s stock valued at $635,000 after acquiring an additional 3,850 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of AFC Gamma by 15.2% in the second quarter. Bank of New York Mellon Corp now owns 75,763 shares of the company’s stock valued at $924,000 after purchasing an additional 10,016 shares in the last quarter. Finally, Ritholtz Wealth Management increased its position in AFC Gamma by 51.1% in the second quarter. Ritholtz Wealth Management now owns 31,822 shares of the company’s stock worth $388,000 after purchasing an additional 10,758 shares during the last quarter. 26.53% of the stock is owned by institutional investors.

AFC Gamma Stock Up 1.3 %

NASDAQ AFCG opened at $9.97 on Thursday. AFC Gamma has a 12 month low of $8.06 and a 12 month high of $13.35. 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 stock has a market cap of $206.05 million, a PE ratio of 13.66 and a beta of 1.05. The stock’s 50 day moving average is $10.22 and its 200 day moving average is $10.82.

AFC Gamma (NASDAQ:AFCG) last released its earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping 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%. Research analysts predict that AFC Gamma will post 1.66 EPS for the current fiscal year.

AFC Gamma Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 13.24%. The ex-dividend date was Monday, September 30th. AFC Gamma’s dividend payout ratio (DPR) is presently 180.82%.

Analysts Set New Price Targets

AFCG has been the topic of a number of recent analyst reports. Jefferies Financial Group decreased their target price on shares of AFC Gamma from $16.00 to $13.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Compass Point upgraded 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. Finally, Seaport Res Ptn upgraded shares of AFC Gamma to a “strong-buy” rating in a research note on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, AFC Gamma has an average rating of “Moderate Buy” and a consensus target price 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.