Leonard M. Tannenbaum Purchases 36,096 Shares of AFC Gamma (NASDAQ:AFCG) Stock

Key Points

• Leonard Tannenbaum, Director of AFC Gamma, purchased 36,096 shares at an average price of $4.49 each, increasing his ownership to 4,845,645 shares.
• AFC Gamma's stock price rose 3.6% to $4.65, with a market capitalization of $105.04 million and a year-to-date trading range of $3.44 to $10.88.
• The company recently had its dividend cut, with a current yield of 12.9% and a payout ratio of -146.34%, indicative of financial challenges.

AFC Gamma Inc. (NASDAQ:AFCG - Get Free Report) Director Leonard M. Tannenbaum acquired 36,096 shares of AFC Gamma stock in a transaction that occurred on Tuesday, September 2nd. The shares were bought at an average price of $4.49 per share, with a total value of $162,071.04. Following the transaction, the director directly owned 4,845,645 shares in the company, valued at approximately $21,756,946.05. This trade represents a 0.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

AFC Gamma Stock Performance

NASDAQ:AFCG traded down $0.02 during midday trading on Friday, reaching $4.58. 338,124 shares of the company traded hands, compared to its average volume of 367,971. AFC Gamma Inc. has a twelve month low of $3.44 and a twelve month high of $10.88. The firm has a market capitalization of $103.46 million, a price-to-earnings ratio of -11.17 and a beta of 1.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.13 and a quick ratio of 3.13. The company has a fifty day moving average price of $4.48 and a 200 day moving average price of $5.33.

AFC Gamma Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.60 annualized dividend and a yield of 13.1%. AFC Gamma's payout ratio is presently -146.34%.

Analyst Ratings Changes

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 research note on Friday, August 15th. One research 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 currently has an average rating of "Moderate Buy" and an average target price of $5.75.

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.