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

AFC Gamma, Inc. (NASDAQ:AFCG) was the recipient of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 462,000 shares, an increase of 7.4% from the October 15th total of 430,000 shares. Currently, 2.8% of the company’s shares are sold short. Based on an average daily trading volume, of 175,300 shares, the short-interest ratio is presently 2.6 days.

AFC Gamma Trading Down 1.4 %

AFCG opened at $9.12 on Friday. The stock has a market capitalization of $188.48 million, a P/E ratio of 22.80 and a beta of 1.05. The company has a current ratio of 4.77, a quick ratio of 4.77 and a debt-to-equity ratio of 0.11. AFC Gamma has a 12 month low of $8.06 and a 12 month high of $13.35. The firm’s fifty day simple moving average is $10.05 and its 200 day simple moving average is $10.65.

AFC Gamma Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given 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 dividend yield of 14.47%. AFC Gamma’s dividend payout ratio is currently 330.00%.

Institutional Investors Weigh In On AFC Gamma

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC bought a new position in shares of AFC Gamma in the 1st quarter valued at about $7,001,000. State Street Corp lifted its stake in AFC Gamma by 2.8% in the 3rd quarter. State Street Corp now owns 376,611 shares of the company’s stock valued at $3,968,000 after purchasing an additional 10,320 shares during the last quarter. Renaissance Technologies LLC grew its holdings in AFC Gamma by 1.4% during the second quarter. Renaissance Technologies LLC now owns 134,400 shares of the company’s stock worth $1,640,000 after purchasing an additional 1,900 shares during the period. AdvisorShares Investments LLC grew its holdings in AFC Gamma by 14.7% during the second quarter. AdvisorShares Investments LLC now owns 124,606 shares of the company’s stock worth $1,505,000 after purchasing an additional 16,000 shares during the period. Finally, Penserra Capital Management LLC increased its position in 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 buying an additional 14,570 shares during the last quarter. Institutional investors and hedge funds own 26.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Seaport Res Ptn raised shares of AFC Gamma to a “strong-buy” rating in a research note on Tuesday, October 8th. Compass Point raised shares of AFC Gamma from a “sell” rating to a “neutral” rating and reduced their price target for the stock from $10.00 to $9.00 in a research report on Friday, August 16th. Finally, Jefferies Financial Group decreased their price target on shares of AFC Gamma from $16.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.00.

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.