AFC Gamma, Inc. (NASDAQ:AFCG) Brief Interest Update

AFC Gamma, Inc. (NASDAQ:AFCG) saw a surge in short-term interest in January. As of January 15, there was short interest totaling 528,300 shares, an increase of 142.6% from the total of 217,800 shares as of December 31. About 4.9% of the stock’s shares are sold short. Based on an average trading volume of 197,000 shares, the short-term interest rate ratio is currently 2.7 days.

AFCG has been the subject of several research reports. JMP Securities reaffirmed a “buy” rating and set a price target of $29.00 on AFC Gamma shares in a Tuesday, October 5 research note. Zacks Investment Research downgraded AFC Gamma shares from a “strong buy” rating to a “hold” rating in a report on Tuesday, January 11. Three research analysts gave the stock a hold rating and five gave the company a buy rating. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $26.39.

Several hedge funds and other institutional investors have been buying and selling stocks recently. Morgan Stanley acquired a new stake in AFC Gamma during Q1 worth $48,000. Advisor Group Holdings Inc. increased its stake in AFC Gamma by 1,340.0% during the second quarter. Advisor Group Holdings Inc. now owns 3,600 shares of the company worth $75,000 after purchasing an additional 3,350 shares during the period. Deutsche Bank AG acquired a new stake in AFC Gamma during the 2nd quarter at a value of $89,000. BlackRock Inc. acquired a new stake in AFC Gamma during the 2nd quarter at a value of $8,182,000. Finally, Bank of New York Mellon Corp acquired a new equity stake in AFC Gamma in Q2 for a value of $321,000. 48.47% of the shares are currently held by hedge funds and other institutional investors.

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Shares of Action AFCG opened at $18.70 on Friday. AFC Gamma has a one-year minimum of $18.07 and a one-year maximum of $25.50. The company’s 50-day moving average price is $21.09 and its 200-day moving average price is $21.72.

AFC Gamma Inc (NASDAQ:AFCG) last announced its results on Wednesday, November 3. The company reported earnings per share of $0.44 for the quarter, beating the consensus estimate of $0.43 by $0.01. The company posted revenue of $10.62 million for the quarter, versus $10.27 million expected by analysts. Equity analysts expect AFC Gamma to post earnings per share of 1.84 for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, January 14. Investors of record on Friday, December 31 received a dividend of $0.50. This represents a dividend of $2.00 on an annualized basis and a dividend yield of 10.70%. This is an increase from AFC Gamma’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, December 30.

AFC Gamma Company Profile

AFC Gamma, Inc originates, structures, underwrites and services senior secured loans and other types of loans for established companies operating in the cannabis industry in states that have legalized the medical and/or adult use of the cannabis. It primarily issues loans structured as senior loans secured by real estate, equipment, licenses and/or other assets of the lending parties to the extent permitted by applicable laws and regulations governing such lending parties.

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