AFC Gamma (NASDAQ:AFCG) Now Covered by Alliance Global Partners

Alliance Global Partners initiated coverage on shares of AFC Gamma (NASDAQ:AFCG - Get Free Report) in a report issued on Tuesday, Marketbeat reports. The firm set a "buy" rating and a $13.00 price target on the stock. Alliance Global Partners' price objective points to a potential upside of 40.85% from the company's current price.

Several other brokerages have also recently weighed in on AFCG. Jefferies Financial Group lowered their price objective 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. Seaport Res Ptn upgraded shares of AFC Gamma to a "strong-buy" rating in a research note on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, AFC Gamma presently has a consensus rating of "Moderate Buy" and an average target price of $11.67.

AFC Gamma Stock Performance

Shares of NASDAQ:AFCG traded down $0.07 during trading on Tuesday, hitting $9.23. The company's stock had a trading volume of 164,167 shares, compared to its average volume of 148,493. The company has a 50-day moving average of $9.72 and a 200-day moving average of $10.22. AFC Gamma has a 12 month low of $8.06 and a 12 month high of $13.35. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.92 and a quick ratio of 3.92. The firm has a market cap of $202.63 million, a price-to-earnings ratio of 23.08 and a beta of 1.03.

Institutional Investors Weigh In On AFC Gamma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its stake in AFC Gamma by 4.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,296 shares of the company's stock worth $284,000 after acquiring an additional 1,071 shares during the period. Renaissance Technologies LLC raised its position in shares of AFC Gamma by 1.4% during the second quarter. Renaissance Technologies LLC now owns 134,400 shares of the company's stock valued at $1,640,000 after buying an additional 1,900 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of AFC Gamma by 4.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 50,403 shares of the company's stock valued at $515,000 after buying an additional 2,200 shares during the last quarter. McIlrath & Eck LLC bought a new stake in shares of AFC Gamma during the third quarter valued at approximately $52,000. Finally, Geode Capital Management LLC raised its position in shares of AFC Gamma by 57.8% during the third quarter. Geode Capital Management LLC now owns 24,225 shares of the company's stock valued at $248,000 after buying an additional 8,877 shares during the last quarter. Institutional investors own 26.53% of the company's stock.

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.