Insider Buying: AFC Gamma, Inc. (NASDAQ:AFCG) Director Acquires $208,685.64 in Stock

AFC Gamma, Inc. (NASDAQ:AFCG) Director Leonard M. Tannenbaum bought 32,007 shares of the stock in a transaction dated Friday, March 14th. The stock was bought at an average price of $6.52 per share, with a total value of $208,685.64. Following the acquisition, the director now owns 3,909,876 shares in the company, valued at approximately $25,492,391.52. This represents a 0.83 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

AFC Gamma Stock Down 4.8 %

NASDAQ AFCG traded down $0.32 on Monday, reaching $6.30. The company had a trading volume of 580,267 shares, compared to its average volume of 167,861. AFC Gamma, Inc. has a 1 year low of $6.10 and a 1 year high of $13.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.92 and a quick ratio of 3.92. The firm has a market capitalization of $138.30 million, a PE ratio of 15.75 and a beta of 1.03. The firm has a 50-day moving average of $8.34 and a 200-day moving average of $9.27.

Institutional Investors Weigh In On AFC Gamma

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of AFC Gamma by 4.6% in the 3rd 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 period. Martingale Asset Management L P grew its holdings in AFC Gamma by 24.1% in the 4th quarter. Martingale Asset Management L P now owns 20,623 shares of the company’s stock worth $172,000 after buying an additional 4,005 shares in the last quarter. McIlrath & Eck LLC acquired a new position in shares of AFC Gamma during the third quarter valued at $52,000. Geode Capital Management LLC raised its position in shares of AFC Gamma by 57.8% during the 3rd 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. Finally, State Street Corp raised its holdings in AFC Gamma by 2.8% during the third quarter. State Street Corp now owns 376,611 shares of the company’s stock worth $3,968,000 after purchasing an additional 10,320 shares in the last quarter. Institutional investors and hedge funds own 26.53% of the company’s stock.

Wall Street Analyst Weigh In

AFCG has been the topic of several analyst reports. Jefferies Financial Group downgraded AFC Gamma from a “buy” rating to a “hold” rating and lowered their target price for the company from $10.00 to $7.00 in a research note on Friday. JMP Securities reiterated a “market perform” rating on shares of AFC Gamma in a research report on Thursday, January 23rd. Finally, Alliance Global Partners started 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. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.67.

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.