AFC Gamma, Inc. (NASDAQ:AFCG) Short Interest Up 9.6% in August
AFC Gamma, Inc. (NASDAQ: AFCG – Get a rating) was the target of a significant increase in short interest in August. As of August 31, there was short interest totaling 280,500 shares, an increase of 9.6% from the total of 256,000 shares as of August 15. Based on an average trading volume of 160,100 shares, the day-to-cover ratio is currently 1.8 days. Currently, 2.0% of the stock’s shares are sold short.
AFC Gamma stock down 4.2%
NASDAQ: AFCG opened at $16.63 on Monday. The company has a market capitalization of $330.24 million, a PE ratio of 8.36 and a beta of 1.06. AFC Gamma has a 12-month low of $14.90 and a 12-month high of $25.50. The company’s 50-day moving average price is $17.05 and its two-hundred-day moving average price is $17.38.
AFC Gamma (NASDAQ:AFCG – Get a rating) last released its quarterly results on Tuesday, August 9. The company reported EPS of $0.69 for the quarter, beating consensus analyst estimates of $0.59 by $0.10. The company posted revenue of $21.65 million for the quarter, versus analyst estimates of $18.00 million. AFC Gamma posted a net margin of 56.14% and a return on equity of 13.48%. In the same period a year earlier, the company had earned earnings per share of $0.43. On average, research analysts expect AFC Gamma to post EPS of 2.6 for the current fiscal year.
AFC Gamma announces dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14. Shareholders of record on Friday, September 30 will receive a dividend of $0.56 per share. The ex-date of this dividend is Thursday, September 29. This represents a dividend of $2.24 on an annualized basis and a dividend yield of 13.47%. AFC Gamma’s payout ratio is 112.56%.
Wall Street analysts predict growth
A number of analysts have weighed in on the stock recently. TheStreet downgraded AFC Gamma shares from a “d+” rating to a “c-” rating in a Monday, September 12 research note. Cowen raised his price target on AFC Gamma shares to $22.00 in a Monday, August 15 research note.
Hedge funds weigh on AFC Gamma
Major investors have recently been buying and selling shares of the company. Strs Ohio increased its position in AFC Gamma by 20.7% in the first quarter. Strs Ohio now owns 3,500 shares of the company valued at $66,000 after purchasing an additional 600 shares in the last quarter. American International Group Inc. increased its stake in AFC Gamma shares by 12.5% in the 1st quarter. American International Group Inc. now owns 7,418 shares of the company valued at $142,000 after purchasing an additional 826 shares in the last quarter. RMB Capital Management LLC strengthened its position in AFC Gamma by 1.3% in the second quarter. RMB Capital Management LLC now owns 79,265 shares of the company worth $1,215,000 after purchasing an additional 1,000 shares during the period. California State Teachers Retirement System strengthened its position in AFC Gamma by 18.7% in the 1st quarter. California State Teachers Retirement System now owns 6,425 shares of the company worth $123,000 after purchasing 1,011 additional shares during the period. Finally, Amalgamated Bank acquired a new position in AFC Gamma shares in Q1 worth approximately $29,000. 40.67% of the shares are currently held by institutional investors and hedge funds.
About AFC Gamma
AFC Gamma, Inc originates, structures, guarantees and invests in senior secured loans and other types of loans and debt obligations for established companies operating in the cannabis industry in states that have legalized the use medical and/or adult cannabis. It primarily issues loans structured as senior loans secured by real estate, equipment and 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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