AFC Gamma (NASDAQ:AFCG) Director Leonard M. Tannenbaum Acquires 79,665 Shares

Key Points

• Leonard Tannenbaum, a director at AFC Gamma, purchased 79,665 shares at an average cost of $4.56 per share, totaling approximately $363,272, increasing his ownership by 1.63%.
• AFC Gamma's recent dividend cut led to a quarterly payout of $0.15 per share, despite a negative payout ratio of -146.34%.
• Analysts have downgraded AFC Gamma from a "buy" rating to a "hold" rating, setting a target price of $4.50, reflecting a consensus rating of "Moderate Buy" with an average price target of $5.75.

AFC Gamma Inc. (NASDAQ:AFCG - Get Free Report) Director Leonard M. Tannenbaum bought 79,665 shares of the stock in a transaction on Friday, September 5th. The stock was acquired at an average cost of $4.56 per share, for a total transaction of $363,272.40. Following the acquisition, the director directly owned 4,962,171 shares in the company, valued at approximately $22,627,499.76. The trade was a 1.63% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

AFC Gamma Stock Performance

Shares of AFCG stock traded up $0.07 during mid-day trading on Friday, reaching $4.63. The stock had a trading volume of 161,156 shares, compared to its average volume of 360,427. The firm's 50 day simple moving average is $4.48 and its 200 day simple moving average is $5.24. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 0.06. AFC Gamma Inc. has a one year low of $3.44 and a one year high of $10.88. The firm has a market cap of $104.59 million, a PE ratio of -11.29 and a beta of 1.07.

Analysts Set New Price Targets

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