AFC Gamma, Inc. (NASDAQ:AFCG) Short Interest Update

AFC Gamma, Inc. (NASDAQ:AFCG - Get Free Report) saw a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 1,040,000 shares, a growth of 55.3% from the March 15th total of 669,500 shares. Based on an average daily volume of 232,500 shares, the days-to-cover ratio is currently 4.5 days. Currently, 5.9% of the company's shares are short sold.

Insider Buying and Selling

In related news, Director Leonard M. Tannenbaum bought 50,000 shares of the company's stock in a transaction dated Monday, March 17th. The stock was purchased at an average cost of $6.20 per share, with a total value of $310,000.00. Following the transaction, the director now owns 3,959,876 shares in the company, valued at approximately $24,551,231.20. This trade represents a 1.28 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel Neville purchased 5,000 shares of AFC Gamma stock in a transaction that occurred on Friday, March 28th. The shares were bought at an average price of $6.15 per share, for a total transaction of $30,750.00. Following the transaction, the chief executive officer now directly owns 187,261 shares of the company's stock, valued at $1,151,655.15. This trade represents a 2.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 146,606 shares of company stock valued at $930,691 over the last ninety days. 26.80% of the stock is owned by insiders.

Hedge Funds Weigh In On AFC Gamma

A number of hedge funds have recently bought and sold shares of the company. McIlrath & Eck LLC bought a new position in shares of AFC Gamma in the third quarter worth approximately $52,000. Martingale Asset Management L P raised its holdings in AFC Gamma by 24.1% in the 4th quarter. Martingale Asset Management L P now owns 20,623 shares of the company's stock worth $172,000 after acquiring an additional 4,005 shares during the last quarter. Barclays PLC lifted its position in AFC Gamma by 257.0% in the 3rd quarter. Barclays PLC now owns 22,567 shares of the company's stock valued at $231,000 after acquiring an additional 16,245 shares in the last quarter. Geode Capital Management LLC boosted its stake in AFC Gamma by 57.8% during the 3rd quarter. Geode Capital Management LLC now owns 24,225 shares of the company's stock valued at $248,000 after purchasing an additional 8,877 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of AFC Gamma by 4.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 50,403 shares of the company's stock worth $515,000 after purchasing an additional 2,200 shares in the last quarter. Institutional investors own 26.53% of the company's stock.

AFC Gamma Stock Up 3.3 %

Shares of AFC Gamma stock traded up $0.17 during midday trading on Tuesday, hitting $5.17. The company had a trading volume of 50,836 shares, compared to its average volume of 182,138. AFC Gamma has a 52-week low of $4.34 and a 52-week high of $12.74. 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 stock has a market capitalization of $116.71 million, a P/E ratio of 12.92 and a beta of 1.19. The company has a 50 day moving average of $6.75 and a 200 day moving average of $8.32.

AFC Gamma Announces Dividend

The business also recently declared a dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.23 per share. The ex-dividend date was Monday, March 31st. AFC Gamma's payout ratio is presently 115.00%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AFCG. Jefferies Financial Group lowered AFC Gamma from a "buy" rating to a "hold" rating and decreased their target price for the stock from $10.00 to $7.00 in a research report on Friday, March 14th. JMP Securities restated a "market perform" rating on shares of AFC Gamma in a report on Thursday, January 23rd. Three 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's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $9.67.

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.