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

AFC Gamma, Inc. (NASDAQ:AFCG) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 639,700 shares, an increase of 8.0% from the October 15th total of 592,100 shares. Currently, 4.1% of the shares of the stock are sold short. Based on an average daily volume of 124,300 shares, the short-interest ratio is currently 5.1 days.

AFC Gamma Stock Performance

NASDAQ AFCG opened at $11.14 on Friday. The stock has a market capitalization of $227.92 million, a P/E ratio of 6.92 and a beta of 1.04. AFC Gamma has a 1 year low of $9.91 and a 1 year high of $17.72. The business’s fifty day moving average is $11.55 and its two-hundred day moving average is $12.20.

AFC Gamma Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Saturday, September 30th were issued a $0.48 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 17.24%. AFC Gamma’s dividend payout ratio is 119.25%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its position in AFC Gamma by 325.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 18,555 shares of the company’s stock worth $231,000 after buying an additional 14,193 shares during the last quarter. Los Angeles Capital Management LLC increased its position in AFC Gamma by 25.8% during the second quarter. Los Angeles Capital Management LLC now owns 23,517 shares of the company’s stock worth $293,000 after buying an additional 4,830 shares during the last quarter. Merlin Capital LLC acquired a new position in AFC Gamma during the second quarter worth $2,475,000. LSV Asset Management acquired a new position in AFC Gamma during the second quarter worth $302,000. Finally, EA Series Trust acquired a new position in AFC Gamma during the second quarter worth $495,000. 34.34% of the stock is owned by institutional investors and hedge funds.

AFC Gamma Company Profile

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 medical 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.