AFC Gamma, Inc. (NASDAQ:AFCG) Sees Significant Decrease in Short Interest

AFC Gamma, Inc. (NASDAQ:AFCG - Get Free Report) was the recipient of a significant decrease in short interest during the month of May. As of May 15th, there was short interest totalling 1,060,000 shares, a decrease of 17.2% from the April 30th total of 1,280,000 shares. Based on an average daily trading volume, of 219,900 shares, the short-interest ratio is currently 4.8 days. Approximately 6.0% of the company's stock are short sold.

AFC Gamma Stock Performance

Shares of AFC Gamma stock traded up $0.03 during midday trading on Friday, hitting $5.38. The company had a trading volume of 19,954 shares, compared to its average volume of 189,539. The business's 50 day simple moving average is $5.20 and its two-hundred day simple moving average is $7.31. The stock has a market cap of $121.45 million, a PE ratio of 13.54 and a beta of 1.11. 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 has a 1-year low of $4.34 and a 1-year high of $12.74.

AFC Gamma Dividend Announcement

The company also recently announced a dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.23 dividend. The ex-dividend date was Monday, March 31st. AFC Gamma's dividend payout ratio (DPR) is currently 92.93%.

Insider Buying and Selling

In related news, CEO Daniel Neville purchased 30,349 shares of the stock in a transaction on Friday, March 14th. The shares were bought at an average price of $6.52 per share, for a total transaction of $197,875.48. Following the completion of the acquisition, the chief executive officer now directly owns 161,011 shares in the company, valued at approximately $1,049,791.72. This trade represents a 23.23% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Leonard M. Tannenbaum purchased 32,007 shares of the stock in a transaction on Friday, March 14th. The shares were bought at an average price of $6.52 per share, for a total transaction of $208,685.64. Following the acquisition, the director now owns 3,909,876 shares of the company's stock, valued at approximately $25,492,391.52. The trade was a 0.83% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 146,606 shares of company stock worth $930,691. Insiders own 26.80% of the company's stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in AFC Gamma stock. Martingale Asset Management L P increased its position in AFC Gamma, Inc. (NASDAQ:AFCG - Free Report) by 24.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,623 shares of the company's stock after purchasing an additional 4,005 shares during the quarter. Martingale Asset Management L P owned approximately 0.09% of AFC Gamma worth $172,000 as of its most recent SEC filing. 26.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Jefferies Financial Group downgraded AFC Gamma from a "buy" rating to a "hold" rating and lowered their price target for the company from $10.00 to $7.00 in a report on Friday, March 14th. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, AFC Gamma has a consensus rating of "Moderate Buy" and an average 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.