Insider Buying: AFC Gamma, Inc. (NASDAQ:AFCG) Director Acquires 50,000 Shares of Stock

AFC Gamma, Inc. (NASDAQ:AFCG) Director Leonard M. Tannenbaum bought 50,000 shares of the business’s stock in a transaction on Monday, March 17th. The shares were acquired at an average cost of $6.20 per share, for a total transaction of $310,000.00. Following the purchase, the director now directly owns 3,959,876 shares in the company, valued at $24,551,231.20. This represents a 1.28 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

AFC Gamma Stock Performance

NASDAQ:AFCG opened at $6.39 on Thursday. The company has a 50-day moving average of $8.22 and a 200-day moving average of $9.19. The firm has a market cap of $140.28 million, a price-to-earnings ratio of 15.98 and a beta of 1.03. The company has a current ratio of 3.92, a quick ratio of 3.92 and a debt-to-equity ratio of 0.29. AFC Gamma, Inc. has a twelve month low of $6.08 and a twelve month high of $13.28.

AFC Gamma Dividend Announcement

The business also recently declared a dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.23 dividend. The ex-dividend date of this dividend is Monday, March 31st. AFC Gamma’s dividend payout ratio is currently 115.00%.

Analysts Set New Price Targets

AFCG has been the topic of a number of research analyst reports. Alliance Global Partners began coverage on AFC Gamma in a report on Tuesday, December 17th. They set a “buy” rating and a $13.00 price target on the stock. JMP Securities reissued a “market perform” rating on shares of AFC Gamma in a research note on Thursday, January 23rd. Finally, Jefferies Financial Group lowered shares of AFC Gamma from a “buy” rating to a “hold” rating and reduced their price target for the stock from $10.00 to $7.00 in a research note on Friday, March 14th. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.67.

Institutional Trading of AFC Gamma

A number of hedge funds have recently bought and sold shares of the company. Tidal Investments LLC grew its stake in AFC Gamma by 19.7% in the third quarter. Tidal Investments LLC now owns 519,610 shares of the company’s stock valued at $5,305,000 after purchasing an additional 85,655 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of AFC Gamma by 4.6% during 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 last quarter. State Street Corp grew its stake in shares of AFC Gamma by 2.8% in the 3rd quarter. State Street Corp now owns 376,611 shares of the company’s stock valued at $3,968,000 after buying an additional 10,320 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of AFC Gamma by 57.8% in the 3rd quarter. Geode Capital Management LLC now owns 24,225 shares of the company’s stock valued at $248,000 after buying an additional 8,877 shares in the last quarter. Finally, Barclays PLC increased its holdings in AFC Gamma by 257.0% in the third quarter. Barclays PLC now owns 22,567 shares of the company’s stock worth $231,000 after buying an additional 16,245 shares during the last quarter. 26.53% of the stock is owned by hedge funds and other institutional investors.

AFC Gamma Company Profile

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.