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

AFC Gamma, Inc. (NASDAQ:AFCG) saw a significant growth in short interest in the month of January. As of January 15th, there was short interest totalling 646,100 shares, a growth of 34.8% from the December 31st total of 479,400 shares. Based on an average daily trading volume, of 174,300 shares, the days-to-cover ratio is presently 3.7 days. Approximately 3.7% of the company’s stock are short sold.

Institutional Trading of AFC Gamma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its position in AFC Gamma by 4.8% during the second quarter. The Manufacturers Life Insurance Company now owns 23,296 shares of the company’s stock worth $284,000 after acquiring an additional 1,071 shares in the last quarter. Renaissance Technologies LLC raised its position in AFC Gamma by 1.4% during the second quarter. Renaissance Technologies LLC now owns 134,400 shares of the company’s stock worth $1,640,000 after acquiring an additional 1,900 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in AFC Gamma by 4.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 50,403 shares of the company’s stock worth $515,000 after acquiring an additional 2,200 shares in the last quarter. McIlrath & Eck LLC bought a new position in shares of AFC Gamma in the third quarter valued at about $52,000. 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 valued at $248,000 after purchasing an additional 8,877 shares during the period. 26.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Seaport Res Ptn upgraded shares of AFC Gamma to a “strong-buy” rating in a report on Tuesday, October 8th. JMP Securities restated a “market perform” rating on shares of AFC Gamma in a report on Thursday, January 23rd. Finally, Alliance Global Partners began coverage on shares of AFC Gamma in a report on Tuesday, December 17th. They set a “buy” rating and a $13.00 target price for the company. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $11.67.

AFC Gamma Stock Performance

NASDAQ AFCG opened at $8.14 on Friday. The company has a current ratio of 3.92, a quick ratio of 3.92 and a debt-to-equity ratio of 0.29. The firm’s fifty day moving average price is $8.83 and its two-hundred day moving average price is $9.51. AFC Gamma has a 1 year low of $7.94 and a 1 year high of $13.28. The firm has a market capitalization of $178.70 million, a P/E ratio of 20.35 and a beta of 1.05.

AFC Gamma Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 16.22%. The ex-dividend date was Tuesday, December 31st. AFC Gamma’s dividend payout ratio (DPR) is currently 330.00%.

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.