AFC Gamma, Inc. (NASDAQ:AFCG) Short Interest Up 10.1% in November

AFC Gamma, Inc. (NASDAQ:AFCG) saw a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 508,600 shares, an increase of 10.1% from the October 31st total of 462,000 shares. Currently, 2.9% of the company’s stock are short sold. Based on an average daily trading volume, of 177,600 shares, the short-interest ratio is currently 2.9 days.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AFCG. Compass Point raised shares of AFC Gamma from a “sell” rating to a “neutral” rating and dropped their target price for the company from $10.00 to $9.00 in a report on Friday, August 16th. Seaport Res Ptn raised shares of AFC Gamma to a “strong-buy” rating in a report on Tuesday, October 8th. Finally, Jefferies Financial Group dropped their target price on shares of AFC Gamma from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Institutional Trading of AFC Gamma

Several large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its stake in shares of AFC Gamma by 4.8% during the second quarter. The Manufacturers Life Insurance Company now owns 23,296 shares of the company’s stock valued at $284,000 after acquiring an additional 1,071 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of AFC Gamma by 1.4% during the second quarter. Renaissance Technologies LLC now owns 134,400 shares of the company’s stock valued at $1,640,000 after buying an additional 1,900 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of AFC Gamma by 4.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 50,403 shares of the company’s stock valued at $515,000 after buying an additional 2,200 shares during the last quarter. McIlrath & Eck LLC acquired a new position in shares of AFC Gamma during the third quarter valued at about $52,000. Finally, Geode Capital Management LLC boosted its holdings in AFC Gamma by 57.8% during the third quarter. Geode Capital Management LLC now owns 24,225 shares of the company’s stock worth $248,000 after purchasing an additional 8,877 shares during the last quarter. Institutional investors and hedge funds own 26.53% of the company’s stock.

AFC Gamma Stock Up 0.3 %

AFC Gamma stock opened at $9.76 on Tuesday. AFC Gamma has a twelve month low of $8.06 and a twelve month high of $13.35. The company’s 50-day moving average price is $9.90 and its two-hundred day moving average price is $10.45. The stock has a market cap of $214.26 million, a P/E ratio of 24.50 and a beta of 1.05. The company has a quick ratio of 3.92, a current ratio of 3.92 and a debt-to-equity ratio of 0.29.

AFC Gamma Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.33 per share. The ex-dividend date was Monday, September 30th. This represents a $1.32 annualized dividend and a dividend yield of 13.52%. AFC Gamma’s dividend payout ratio is presently 330.00%.

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.