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

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

Institutional Investors Weigh In On AFC Gamma

A number of institutional investors and hedge funds have recently modified their holdings of the company. McIlrath & Eck LLC purchased a new position in AFC Gamma during the third quarter valued at approximately $52,000. GSA Capital Partners LLP bought a new position in AFC Gamma in the 3rd quarter valued at $140,000. Centiva Capital LP purchased a new position in shares of AFC Gamma during the 3rd quarter valued at $193,000. Barclays PLC increased its holdings in shares of AFC Gamma by 257.0% in the third quarter. Barclays PLC now owns 22,567 shares of the company’s stock worth $231,000 after purchasing an additional 16,245 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of AFC Gamma by 57.8% in the third quarter. Geode Capital Management LLC now owns 24,225 shares of the company’s stock worth $248,000 after buying an additional 8,877 shares in the last quarter. 26.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Jefferies Financial Group reduced their price objective on AFC Gamma from $16.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Compass Point raised AFC Gamma from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $10.00 to $9.00 in a report on Friday, August 16th. Finally, Seaport Res Ptn raised shares of AFC Gamma to a “strong-buy” rating in a report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AFC Gamma currently has a consensus rating of “Moderate Buy” and an average price target of $11.00.

AFC Gamma Price Performance

Shares of NASDAQ AFCG opened at $9.73 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.92 and a current ratio of 3.92. AFC Gamma has a fifty-two week low of $8.06 and a fifty-two week high of $13.35. The stock has a market cap of $213.60 million, a PE ratio of 24.33 and a beta of 1.05. The stock has a fifty day moving average of $9.90 and a 200-day moving average of $10.46.

AFC Gamma Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 13.57%. The ex-dividend date was Monday, September 30th. AFC Gamma’s 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.