Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Short Interest Update

Key Points

• Chicago Atlantic Real Estate Finance, Inc. experienced a significant increase in short interest, rising by 80.8% in September to a total of 722,000 shares.
• CEO Peter Sack and Chairman John Mazarakis made notable insider purchases, increasing their holdings by 11.15% and 1.96% respectively, signaling confidence in the company's prospects.
• The company declared a quarterly dividend of $0.47 per share, yielding 14.4%, despite a high payout ratio of 102.73%.

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI - Get Free Report) saw a large growth in short interest in September. As of September 30th, there was short interest totaling 722,000 shares, a growth of 80.8% from the September 15th total of 399,300 shares. Currently, 4.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 128,200 shares, the days-to-cover ratio is currently 5.6 days. Based on an average daily trading volume, of 128,200 shares, the days-to-cover ratio is currently 5.6 days. Currently, 4.0% of the shares of the stock are short sold.

Insider Buying and Selling

In other Chicago Atlantic Real Estate Finance news, CEO Peter Sack acquired 8,150 shares of the stock in a transaction dated Tuesday, October 14th. The shares were bought at an average price of $12.43 per share, with a total value of $101,304.50. Following the purchase, the chief executive officer directly owned 81,257 shares of the company's stock, valued at approximately $1,010,024.51. This trade represents a 11.15% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman John Mazarakis acquired 8,000 shares of the stock in a transaction dated Thursday, October 16th. The stock was acquired at an average cost of $12.75 per share, for a total transaction of $102,000.00. Following the purchase, the chairman directly owned 416,607 shares in the company, valued at approximately $5,311,739.25. The trade was a 1.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 51,150 shares of company stock worth $641,415. 8.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Chicago Atlantic Real Estate Finance

Institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC grew its holdings in shares of Chicago Atlantic Real Estate Finance by 79.3% in the 3rd quarter. CWM LLC now owns 2,160 shares of the company's stock worth $28,000 after purchasing an additional 955 shares during the last quarter. Doliver Advisors LP lifted its position in Chicago Atlantic Real Estate Finance by 28.8% during the 3rd quarter. Doliver Advisors LP now owns 103,758 shares of the company's stock valued at $1,327,000 after purchasing an additional 23,170 shares during the period. Tidal Investments LLC lifted its position in Chicago Atlantic Real Estate Finance by 6.8% during the 2nd quarter. Tidal Investments LLC now owns 32,737 shares of the company's stock valued at $457,000 after purchasing an additional 2,078 shares during the period. BNP Paribas Financial Markets lifted its position in Chicago Atlantic Real Estate Finance by 63.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,111 shares of the company's stock valued at $113,000 after purchasing an additional 3,163 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Chicago Atlantic Real Estate Finance by 4.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,275 shares of the company's stock valued at $325,000 after acquiring an additional 1,031 shares during the period. Institutional investors own 25.48% of the company's stock.

Chicago Atlantic Real Estate Finance Trading Down 1.1%

NASDAQ:REFI traded down $0.15 during trading hours on Tuesday, hitting $13.04. 72,942 shares of the company traded hands, compared to its average volume of 169,657. The stock has a market capitalization of $274.88 million, a price-to-earnings ratio of 7.13 and a beta of 0.21. The firm has a 50-day moving average of $13.46 and a 200 day moving average of $13.87. Chicago Atlantic Real Estate Finance has a twelve month low of $12.00 and a twelve month high of $16.29.

Chicago Atlantic Real Estate Finance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 14.4%. The ex-dividend date of this dividend was Tuesday, September 30th. Chicago Atlantic Real Estate Finance's payout ratio is 102.73%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on REFI. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Chicago Atlantic Real Estate Finance in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Chicago Atlantic Real Estate Finance from a "strong sell" rating to a "hold" rating in a research note on Friday, October 10th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Chicago Atlantic Real Estate Finance has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

About Chicago Atlantic Real Estate Finance

Chicago Atlantic Real Estate Finance, Inc operates as a commercial real estate finance company in the United States. The company engages in originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Its portfolio primarily includes offers senior loans to state-licensed operators in the cannabis industry.

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