Leonard M. Tannenbaum Acquires 32,007 Shares of AFC Gamma, Inc. (NASDAQ:AFCG) Stock

AFC Gamma, Inc. (NASDAQ:AFCG - Get Free Report) Director Leonard M. Tannenbaum acquired 32,007 shares of AFC Gamma stock in a transaction on Friday, March 14th. The shares were bought at an average cost of $6.52 per share, with a total value of $208,685.64. Following the completion of the transaction, the director now owns 3,909,876 shares of the company's stock, valued at approximately $25,492,391.52. This trade represents a 0.83 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

AFC Gamma Price Performance

AFCG stock traded up $0.03 during midday trading on Friday, reaching $6.38. The company had a trading volume of 118,612 shares, compared to its average volume of 171,953. The company has a market capitalization of $144.05 million, a price-to-earnings ratio of 15.91 and a beta of 1.03. The stock has a 50 day moving average price of $8.18 and a 200-day moving average price of $9.17. AFC Gamma, Inc. has a 1-year low of $6.08 and a 1-year high of $13.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.92 and a quick ratio of 3.92.

AFC Gamma Announces Dividend

The firm also recently announced a dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, March 31st. AFC Gamma's payout ratio is 115.00%.

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Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Tidal Investments LLC increased its stake in shares of AFC Gamma by 19.7% in the third quarter. Tidal Investments LLC now owns 519,610 shares of the company's stock valued at $5,305,000 after buying an additional 85,655 shares during the period. State Street Corp boosted its holdings in shares of AFC Gamma by 2.8% during the 3rd quarter. State Street Corp now owns 376,611 shares of the company's stock worth $3,968,000 after buying an additional 10,320 shares in the last quarter. Penserra Capital Management LLC raised its position in shares of AFC Gamma by 22.9% during the third quarter. Penserra Capital Management LLC now owns 78,261 shares of the company's stock worth $799,000 after purchasing an additional 14,570 shares during the period. 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 worth $515,000 after purchasing an additional 2,200 shares during the period. 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 worth $248,000 after purchasing an additional 8,877 shares during the period. Institutional investors and hedge funds own 26.53% of the company's stock.

Analysts Set New Price Targets

AFCG has been the subject of a number of recent research reports. Alliance Global Partners initiated coverage on shares of AFC Gamma in a research report on Tuesday, December 17th. They issued a "buy" rating and a $13.00 target price for the company. JMP Securities reissued a "market perform" rating on shares of AFC Gamma in a research report on Thursday, January 23rd. Finally, Jefferies Financial Group cut shares of AFC Gamma from a "buy" rating to a "hold" rating and reduced their target price for the company from $10.00 to $7.00 in a research report on Friday, March 14th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target 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.