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

AFC Gamma, Inc. (NASDAQ:AFCGGet Rating) was the recipient of a large growth in short interest in June. As of June 15th, there was short interest totalling 169,600 shares, a growth of 25.7% from the May 31st total of 134,900 shares. Approximately 1.2% of the shares of the stock are short sold. Based on an average daily volume of 162,500 shares, the short-interest ratio is currently 1.0 days.

NASDAQ AFCG opened at $15.60 on Wednesday. AFC Gamma has a fifty-two week low of $14.90 and a fifty-two week high of $25.50. The stock has a market capitalization of $307.99 million, a PE ratio of 8.86 and a beta of 1.26. The business has a fifty day moving average price of $16.72 and a two-hundred day moving average price of $18.61.

AFC Gamma (NASDAQ:AFCGGet Rating) last announced its quarterly earnings results on Tuesday, May 10th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. AFC Gamma had a return on equity of 11.59% and a net margin of 57.13%. The company had revenue of $18.64 million during the quarter, compared to analysts’ expectations of $17.24 million. During the same period in the prior year, the company earned $0.45 EPS. On average, equities research analysts expect that AFC Gamma will post 2.61 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 14.36%. This is a boost from AFC Gamma’s previous quarterly dividend of $0.55. The ex-dividend date is Wednesday, June 29th. AFC Gamma’s dividend payout ratio is presently 127.27%.

Separately, Compass Point cut their price target on AFC Gamma from $20.00 to $17.50 in a research note on Monday, May 16th.

In related news, Director Jonathan Gilbert Kalikow bought 57,600 shares of the company’s stock in a transaction that occurred on Thursday, June 16th. The shares were acquired at an average price of $15.62 per share, for a total transaction of $899,712.00. Following the completion of the acquisition, the director now owns 97,500 shares of the company’s stock, valued at approximately $1,522,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Leonard M. Tannenbaum purchased 21,183 shares of the stock in a transaction on Wednesday, May 11th. The shares were acquired at an average cost of $15.80 per share, for a total transaction of $334,691.40. Following the transaction, the chief executive officer now owns 3,363,683 shares of the company’s stock, valued at $53,146,191.40. The disclosure for this purchase can be found here. Insiders have purchased a total of 87,783 shares of company stock valued at $1,380,633 over the last ninety days. Insiders own 28.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Amalgamated Bank acquired a new stake in AFC Gamma in the first quarter valued at $29,000. Walleye Capital LLC increased its holdings in AFC Gamma by 13.8% in the first quarter. Walleye Capital LLC now owns 145,823 shares of the company’s stock valued at $2,788,000 after purchasing an additional 17,710 shares during the period. Weiss Multi Strategy Advisers LLC increased its holdings in AFC Gamma by 13.5% in the first quarter. Weiss Multi Strategy Advisers LLC now owns 344,917 shares of the company’s stock valued at $6,595,000 after purchasing an additional 40,944 shares during the period. Philadelphia Financial Management of San Francisco LLC increased its holdings in AFC Gamma by 17.3% in the first quarter. Philadelphia Financial Management of San Francisco LLC now owns 531,141 shares of the company’s stock valued at $10,155,000 after purchasing an additional 78,205 shares during the period. Finally, California State Teachers Retirement System increased its holdings in AFC Gamma by 18.7% in the first quarter. California State Teachers Retirement System now owns 6,425 shares of the company’s stock valued at $123,000 after purchasing an additional 1,011 shares during the period. Institutional investors and hedge funds own 37.72% of the company’s stock.

About AFC Gamma (Get Rating)

AFC Gamma, Inc originates, structures, underwrites, and invests in senior secured loans, and other types of loans and debt securities for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. 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.

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