AFC Gamma, Inc. (NASDAQ:AFCG – Get Rating) was the recipient of a significant growth in short interest in September. As of September 15th, there was short interest totalling 392,300 shares, a growth of 39.9% from the August 31st total of 280,500 shares. Based on an average daily trading volume, of 159,000 shares, the short-interest ratio is presently 2.5 days. Currently, 2.8% of the company's stock are sold short.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on AFCG. Cowen raised their price target on shares of AFC Gamma to $22.00 in a research report on Monday, August 15th. TheStreet raised shares of AFC Gamma from a "d+" rating to a "c-" rating in a research report on Monday, September 12th.
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Hedge Funds Weigh In On AFC Gamma
Several hedge funds have recently bought and sold shares of the company. Strs Ohio grew its stake in AFC Gamma by 20.7% during the first quarter. Strs Ohio now owns 3,500 shares of the company's stock valued at $66,000 after acquiring an additional 600 shares in the last quarter. American International Group Inc. lifted its position in AFC Gamma by 12.5% during the first quarter. American International Group Inc. now owns 7,418 shares of the company's stock valued at $142,000 after purchasing an additional 826 shares during the last quarter. RMB Capital Management LLC lifted its position in AFC Gamma by 1.3% during the second quarter. RMB Capital Management LLC now owns 79,265 shares of the company's stock valued at $1,215,000 after purchasing an additional 1,000 shares during the last quarter. California State Teachers Retirement System lifted its position in AFC Gamma by 18.7% during 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 last quarter. Finally, Amalgamated Bank bought a new stake in AFC Gamma during the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 40.67% of the company's stock.
AFC Gamma Price Performance
AFCG opened at $15.59 on Friday. The company's 50-day moving average is $17.21 and its 200 day moving average is $17.24. AFC Gamma has a fifty-two week low of $14.90 and a fifty-two week high of $25.50. The firm has a market capitalization of $309.59 million, a P/E ratio of 7.83 and a beta of 1.06.
AFC Gamma (NASDAQ:AFCG – Get Rating) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. The business had revenue of $21.65 million during the quarter, compared to the consensus estimate of $18.00 million. AFC Gamma had a net margin of 56.14% and a return on equity of 13.48%. During the same quarter last year, the company posted $0.43 earnings per share. On average, equities research analysts expect that AFC Gamma will post 2.6 earnings per share for the current year.
AFC Gamma Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $2.24 annualized dividend and a dividend yield of 14.37%. AFC Gamma's payout ratio is 112.56%.
About AFC Gamma
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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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