Insider Buying: AFC Gamma, Inc. (NASDAQ:AFCG) Director Purchases 32,007 Shares of Stock

AFC Gamma, Inc. (NASDAQ:AFCG) Director Leonard M. Tannenbaum bought 32,007 shares of AFC Gamma stock in a transaction dated Friday, March 14th. The stock was acquired at an average price of $6.52 per share, for a total transaction of $208,685.64. Following the completion of the acquisition, the director now owns 3,909,876 shares in the company, valued at approximately $25,492,391.52. The trade was a 0.83 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

AFC Gamma Price Performance

Shares of AFCG stock opened at $6.39 on Thursday. The stock has a 50 day moving average price of $8.22 and a 200 day moving average price of $9.19. AFC Gamma, Inc. has a 52-week low of $6.08 and a 52-week high of $13.28. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.92 and a current ratio of 3.92. The firm has a market capitalization of $140.28 million, a P/E ratio of 15.98 and a beta of 1.03.

AFC Gamma Announces Dividend

The firm also recently announced a dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, March 31st. AFC Gamma’s dividend payout ratio (DPR) is 115.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AFCG. McIlrath & Eck LLC bought a new stake in AFC Gamma during the 3rd quarter valued at about $52,000. GSA Capital Partners LLP purchased a new position in shares of AFC Gamma during the third quarter worth approximately $140,000. Centiva Capital LP bought a new stake in shares of AFC Gamma during the third quarter valued at approximately $193,000. Martingale Asset Management L P boosted its holdings in shares of AFC Gamma by 24.1% in the fourth quarter. Martingale Asset Management L P now owns 20,623 shares of the company’s stock valued at $172,000 after purchasing an additional 4,005 shares during the period. Finally, Barclays PLC boosted its holdings in shares of AFC Gamma by 257.0% in the third quarter. Barclays PLC now owns 22,567 shares of the company’s stock valued at $231,000 after purchasing an additional 16,245 shares during the period. 26.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AFCG has been the topic of several analyst reports. JMP Securities reissued a “market perform” rating on shares of AFC Gamma in a research note on Thursday, January 23rd. Alliance Global Partners initiated 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. Finally, Jefferies Financial Group lowered shares of AFC Gamma from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $10.00 to $7.00 in a research note on Friday, March 14th. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.67.

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.