Short-term stake in AFC Gamma, Inc. (NASDAQ:AFCG) drops 27.9%

AFC Gamma, Inc. (NASDAQ: AFCG – Get a rating) saw a significant decline in short-term interest in March. As of March 15, there was short interest totaling 95,600 shares, down 27.9% from the February 28 total of 132,600 shares. Based on an average trading volume of 191,900 shares, the day-to-cover ratio is currently 0.5 days. Approximately 0.7% of the company’s shares are sold short.

Separately, Zacks Investment Research downgraded AFC Gamma from a “Strong Buy” rating to a “Hold” rating in a Tuesday, January 11 report. Three equity research analysts gave the stock a hold rating and five gave the company a buy rating. According to MarketBeat.com, the stock currently has a consensus buy rating and a consensus target price of $26.39.

AFCG stock opened Wednesday at $20.70. The company has a debt ratio of 0.27, a current ratio of 4.30 and a quick ratio of 4.30. The stock has a market capitalization of $408.68 million and a P/E ratio of 14.48. The company has a 50-day moving average of $19.56 and a 200-day moving average of $21.34. AFC Gamma has a fifty-two week low of $18.07 and a fifty-two week high of $25.50.

AFC Gamma (NASDAQ:AFCG – Get a rating) last released its quarterly earnings data on Thursday, March 10. The company reported earnings per share of $0.52 for the quarter, hitting the consensus estimate of $0.52. AFC Gamma posted a return on equity of 9.56% and a net margin of 55.06%. Equity analysts expect AFC Gamma to post EPS of 2.73 for the current year.

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The company also recently announced a quarterly dividend, which will be paid on Friday, April 15. Shareholders of record on Thursday, March 31 will receive a dividend of $0.55 per share. This is a boost from AFC Gamma’s previous quarterly dividend of $0.50. This represents an annualized dividend of $2.20 and a dividend yield of 10.63%. The ex-dividend date is Wednesday, March 30. The AFC Gamma payout rate is currently 139.86%.

Hedge funds and other institutional investors have recently changed their stock holdings. Royal Bank of Canada increased its position in AFC Gamma by 170.4% during the third quarter. Royal Bank of Canada now owns 1,344 shares of the company valued at $29,000 after buying 847 more shares in the last quarter. Morgan Stanley acquired a new position in AFC Gamma during the first quarter worth approximately $48,000. Strs Ohio increased its position in AFC Gamma by 70.6% during the fourth quarter. Strs Ohio now owns 2,900 shares of the company valued at $66,000 after purchasing an additional 1,200 shares in the last quarter. Bank of America Corp DE acquired a new position in AFC Gamma during the second quarter worth approximately $85,000. Finally, Metropolitan Life Insurance Co NY acquired a new position in AFC Gamma during the fourth quarter valued at approximately $98,000. 41.75% of the shares are held by hedge funds and other institutional investors.

AFC Gamma Company Profile (Get a rating)

AFC Gamma, Inc originates, structures, guarantees and invests in senior secured loans and other types of loans and debt instruments 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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