AFC Gamma Inc. (NASDAQ:AFCG) Short Interest Up 64.9% in August

Key Points

• AFC Gamma Inc. experienced a significant rise in short interest, increasing by 64.9% in August, totaling 1,450,000 shares as of August 31st.
• The company's stock opened at $4.63 on Monday, with a 12-month price range of $3.44 to $10.88 and a market cap of $104.59 million.
• Director Leonard M. Tannenbaum and CEO Daniel Neville both increased their stakes in the company, with Tannenbaum acquiring 330,127 shares and Neville acquiring 12,388 shares recently.

AFC Gamma Inc. (NASDAQ:AFCG - Get Free Report) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 1,450,000 shares, an increase of 64.9% from the August 15th total of 879,400 shares. Based on an average daily trading volume, of 258,200 shares, the days-to-cover ratio is currently 5.6 days. Currently, 8.6% of the company's shares are sold short. Currently, 8.6% of the company's shares are sold short. Based on an average daily trading volume, of 258,200 shares, the days-to-cover ratio is currently 5.6 days.

Analysts Set New Price Targets

Separately, Alliance Global Partners downgraded AFC Gamma from a "buy" rating to a "hold" rating and set a $4.50 price objective on the stock. in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, AFC Gamma has an average rating of "Moderate Buy" and a consensus target price of $5.75.

Insider Activity at AFC Gamma

In other AFC Gamma news, Director Leonard M. Tannenbaum purchased 79,665 shares of AFC Gamma stock in a transaction dated Friday, September 5th. The shares were purchased at an average cost of $4.56 per share, for a total transaction of $363,272.40. Following the completion of the acquisition, the director owned 4,962,171 shares in the company, valued at $22,627,499.76. This represents a 1.63% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Daniel Neville acquired 12,388 shares of AFC Gamma stock in a transaction on Monday, September 8th. The shares were purchased at an average price of $4.44 per share, for a total transaction of $55,002.72. Following the completion of the acquisition, the chief executive officer directly owned 209,649 shares in the company, valued at $930,841.56. This trade represents a 6.28% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 1,030,683 shares of company stock worth $4,590,274. Company insiders own 26.80% of the company's stock.

AFC Gamma Stock Down 1.6%

Shares of NASDAQ:AFCG traded down $0.07 on Friday, reaching $4.43. The company had a trading volume of 940,256 shares, compared to its average volume of 349,961. AFC Gamma has a 52-week low of $3.44 and a 52-week high of $10.79. The firm's 50 day simple moving average is $4.47 and its 200-day simple moving average is $5.11. The firm has a market capitalization of $100.07 million, a PE ratio of -10.80 and a beta of 1.07. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 0.06.

AFC Gamma Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 13.5%. AFC Gamma's dividend payout ratio (DPR) is currently -146.34%.

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.