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

AFC Gamma, Inc. (NASDAQ:AFCG - Get Free Report) saw a significant growth in short interest in November. As of November 15th, there was short interest totalling 508,600 shares, a growth of 10.1% from the October 31st total of 462,000 shares. Currently, 2.9% of the company's shares are sold short. Based on an average daily trading volume, of 177,600 shares, the days-to-cover ratio is currently 2.9 days.

Hedge Funds Weigh In On AFC Gamma

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC grew its position in AFC Gamma by 19.7% during the 3rd quarter. Tidal Investments LLC now owns 519,610 shares of the company's stock worth $5,305,000 after acquiring an additional 85,655 shares during the last quarter. Ritholtz Wealth Management grew its position in AFC Gamma by 91.1% during the 3rd quarter. Ritholtz Wealth Management now owns 60,820 shares of the company's stock worth $621,000 after acquiring an additional 28,998 shares during the last quarter. Centiva Capital LP bought a new stake in AFC Gamma during the 3rd quarter worth approximately $193,000. Spire Wealth Management grew its position in AFC Gamma by 141.5% during the 2nd quarter. Spire Wealth Management now owns 29,700 shares of the company's stock worth $362,000 after acquiring an additional 17,400 shares during the last quarter. Finally, Barclays PLC grew its position in AFC Gamma by 257.0% during the 3rd quarter. Barclays PLC now owns 22,567 shares of the company's stock worth $231,000 after acquiring an additional 16,245 shares during the last quarter. 26.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on AFCG. Jefferies Financial Group dropped their price objective on AFC Gamma from $16.00 to $13.00 and set a "buy" rating on the stock in a report on Tuesday, September 3rd. Seaport Res Ptn upgraded AFC Gamma to a "strong-buy" rating in a report on Tuesday, October 8th. Finally, Compass Point upgraded AFC Gamma from a "sell" rating to a "neutral" rating and lowered their price target for the company from $10.00 to $9.00 in a report on Friday, August 16th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $11.00.

AFC Gamma Stock Performance

Shares of NASDAQ:AFCG traded up $0.03 on Monday, hitting $9.76. 336,757 shares of the company were exchanged, compared to its average volume of 148,494. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.92 and a current ratio of 3.92. The company's 50 day moving average price is $9.90 and its two-hundred day moving average price is $10.45. AFC Gamma has a one year low of $8.06 and a one year high of $13.35. The firm has a market capitalization of $214.26 million, a price-to-earnings ratio of 24.50 and a beta of 1.05.

AFC Gamma Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.32 annualized dividend and a yield of 13.52%. AFC Gamma's dividend payout ratio is 330.00%.

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.