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

AFC Gamma, Inc. (NASDAQ:AFCG - Get Free Report) was the target of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 430,000 shares, a decrease of 12.0% from the September 30th total of 488,800 shares. Currently, 2.6% of the company's stock are sold short. Based on an average trading volume of 183,900 shares, the days-to-cover ratio is currently 2.3 days.

Analysts Set New Price Targets

A number of research analysts recently issued reports on AFCG shares. Jefferies Financial Group decreased their target price on AFC Gamma from $16.00 to $13.00 and set a "buy" rating for the company in a report on Tuesday, September 3rd. Compass Point upgraded 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 note 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 equities 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 stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $11.00.

Institutional Trading of AFC Gamma

Institutional investors have recently modified their holdings of the stock. Wasatch Advisors LP lifted its holdings in shares of AFC Gamma by 11.6% in the 1st quarter. Wasatch Advisors LP now owns 640,617 shares of the company's stock valued at $7,931,000 after purchasing an additional 66,702 shares during the last quarter. Hartline Investment Corp acquired a new stake in shares of AFC Gamma in the first quarter valued at approximately $133,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of AFC Gamma by 9.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 279,534 shares of the company's stock valued at $3,519,000 after acquiring an additional 24,506 shares during the period. Empowered Funds LLC grew its position in shares of AFC Gamma by 8.1% during the first quarter. Empowered Funds LLC now owns 51,324 shares of the company's stock worth $635,000 after acquiring an additional 3,850 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in shares of AFC Gamma by 88.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 46,806 shares of the company's stock valued at $579,000 after acquiring an additional 21,915 shares during the period. Hedge funds and other institutional investors own 26.53% of the company's stock.

AFC Gamma Stock Down 2.8 %

Shares of AFCG stock traded down $0.28 on Tuesday, reaching $9.84. 158,858 shares of the stock were exchanged, compared to its average volume of 147,390. AFC Gamma has a twelve month low of $8.06 and a twelve 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 company has a market capitalization of $203.36 million, a price-to-earnings ratio of 18.92 and a beta of 1.05. The business's 50 day moving average price is $10.22 and its 200 day moving average price is $10.83.

AFC Gamma (NASDAQ:AFCG - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.05. AFC Gamma had a return on equity of 12.41% and a net margin of 21.97%. The business had revenue of $19.96 million for the quarter, compared to the consensus estimate of $16.48 million. As a group, sell-side analysts expect that AFC Gamma will post 1.66 earnings per share 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. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.32 dividend on an annualized basis and a yield of 13.41%. AFC Gamma's payout ratio is currently 253.85%.

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.