AFC Gamma, Inc. (NASDAQ:AFCG) Sees Large Increase in Short Interest

AFC Gamma, Inc. (NASDAQ:AFCG) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 462,000 shares, an increase of 7.4% from the October 15th total of 430,000 shares. Approximately 2.8% of the company’s stock are sold short. Based on an average daily trading volume, of 175,300 shares, the days-to-cover ratio is presently 2.6 days.

Institutional Investors Weigh In On AFC Gamma

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tidal Investments LLC acquired a new stake in AFC Gamma in the 1st quarter valued at about $7,001,000. Ritholtz Wealth Management increased its holdings in shares of AFC Gamma by 91.1% in the third quarter. Ritholtz Wealth Management now owns 60,820 shares of the company’s stock valued at $621,000 after purchasing an additional 28,998 shares in the last quarter. Anson Funds Management LP acquired a new stake in shares of AFC Gamma in the first quarter valued at approximately $319,000. O Shaughnessy Asset Management LLC raised its position in AFC Gamma by 88.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 46,806 shares of the company’s stock worth $579,000 after purchasing an additional 21,915 shares during the last quarter. Finally, Centiva Capital LP acquired a new position in AFC Gamma during the 3rd quarter worth $193,000. 26.53% of the stock is owned by institutional investors and hedge funds.

AFC Gamma Stock Performance

NASDAQ:AFCG opened at $9.12 on Friday. AFC Gamma has a 12-month low of $8.06 and a 12-month high of $13.35. The firm has a market capitalization of $188.48 million, a PE ratio of 22.80 and a beta of 1.05. The firm has a 50-day moving average price of $10.05 and a 200 day moving average price of $10.65. The company has a quick ratio of 4.77, a current ratio of 4.77 and a debt-to-equity ratio of 0.11.

AFC Gamma Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 14.47%. The ex-dividend date of this dividend was Monday, September 30th. AFC Gamma’s dividend payout ratio is currently 330.00%.

Wall Street Analysts Forecast Growth

AFCG has been the subject of a number of recent research reports. Seaport Res Ptn raised shares of AFC Gamma to a “strong-buy” rating in a research report on Tuesday, October 8th. Compass Point raised AFC Gamma from a “sell” rating to a “neutral” rating and cut their price objective for the stock from $10.00 to $9.00 in a research report on Friday, August 16th. Finally, Jefferies Financial Group decreased their target price on AFC Gamma from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

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.