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 target of a large 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. Approximately 8.6% of the shares of the company are short sold. Based on an average daily trading volume, of 258,200 shares, the days-to-cover ratio is currently 5.6 days. Based on an average daily trading volume, of 258,200 shares, the days-to-cover ratio is currently 5.6 days. Approximately 8.6% of the shares of the company are short sold.

AFC Gamma Price Performance

NASDAQ:AFCG opened at $4.63 on Monday. AFC Gamma has a 12 month low of $3.44 and a 12 month high of $10.88. The stock has a 50 day moving average of $4.48 and a two-hundred day moving average of $5.20. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 0.06. The firm has a market cap of $104.59 million, a P/E ratio of -11.29 and a beta of 1.07.

Insider Activity

In related news, Director Leonard M. Tannenbaum acquired 330,127 shares of the firm's stock in a transaction dated Wednesday, August 27th. The stock was acquired at an average price of $4.81 per share, with a total value of $1,587,910.87. Following the acquisition, the director directly owned 4,665,150 shares in the company, valued at $22,439,371.50. This represents a 7.62% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Daniel Neville acquired 12,388 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was bought at an average cost of $4.44 per share, with a total value of $55,002.72. Following the acquisition, the chief executive officer owned 209,649 shares in the company, valued at approximately $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. In the last three months, insiders bought 1,030,683 shares of company stock valued at $4,590,274. Insiders own 26.80% of the company's stock.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners cut AFC Gamma from a "buy" rating to a "hold" rating and set a $4.50 price objective for the company. in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $5.75.

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.

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