Short Interest in AFC Gamma, Inc. (NASDAQ:AFCG) Rises By 10.1%

AFC Gamma, Inc. (NASDAQ:AFCG) was the target of a large growth in short interest in November. As of November 15th, there was short interest totalling 508,600 shares, a growth of 10.1% from the October 31st total of 462,000 shares. Approximately 2.9% of the company’s stock are short sold. Based on an average daily volume of 177,600 shares, the short-interest ratio is presently 2.9 days.

AFC Gamma Stock Performance

Shares of AFCG stock traded down $0.01 on Wednesday, hitting $9.61. 80,180 shares of the stock were exchanged, compared to its average volume of 148,145. AFC Gamma has a one year low of $8.06 and a one year high of $13.35. The firm’s 50 day moving average is $9.86 and its two-hundred day moving average is $10.41. The firm has a market capitalization of $210.94 million, a PE ratio of 23.73 and a beta of 1.03. The company has a current ratio of 3.92, a quick ratio of 3.92 and a debt-to-equity ratio of 0.29.

AFC Gamma Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 13.74%. The ex-dividend date of this dividend was Monday, September 30th. AFC Gamma’s payout ratio is currently 330.00%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Jefferies Financial Group reduced 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. Seaport Res Ptn upgraded AFC Gamma to a “strong-buy” rating in a research note on Tuesday, October 8th. Finally, Compass Point upgraded shares of AFC Gamma from a “sell” rating to a “neutral” rating and reduced their price target for the company from $10.00 to $9.00 in a research report on Friday, August 16th. Two 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.com, AFC Gamma presently has an average rating of “Moderate Buy” and a consensus price target of $11.00.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Tidal Investments LLC increased its holdings in AFC Gamma by 19.7% during the 3rd quarter. Tidal Investments LLC now owns 519,610 shares of the company’s stock worth $5,305,000 after acquiring an additional 85,655 shares during the period. State Street Corp grew 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 worth $3,968,000 after buying an additional 10,320 shares in the last quarter. Renaissance Technologies LLC raised its position in 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 purchasing an additional 1,900 shares in the last quarter. AdvisorShares Investments LLC raised its stake in shares of 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 acquiring an additional 16,000 shares in the last quarter. Finally, Penserra Capital Management LLC boosted 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 valued at $799,000 after buying an additional 14,570 shares during the period. 26.53% of the stock is currently owned by hedge funds and other institutional investors.

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.