Brokerages Set AFC Gamma, Inc. (NASDAQ:AFCG) Target Price at $9.67

Shares of AFC Gamma, Inc. (NASDAQ:AFCG) have earned a consensus rating of “Moderate Buy” from the five brokerages that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $9.67.

A number of research analysts recently weighed in on the stock. Jefferies Financial Group downgraded shares of AFC Gamma from a “buy” rating to a “hold” rating and decreased their target price for the company from $10.00 to $7.00 in a research report on Friday, March 14th. Alliance Global Partners assumed coverage on AFC Gamma in a research note on Tuesday, December 17th. They issued a “buy” rating and a $13.00 price target for the company. Finally, JMP Securities reaffirmed a “market perform” rating on shares of AFC Gamma in a research report on Thursday, January 23rd.

Insiders Place Their Bets

In other AFC Gamma news, Director Leonard M. Tannenbaum bought 50,000 shares of AFC Gamma stock in a transaction dated Monday, March 17th. The stock was bought at an average price of $6.20 per share, with a total value of $310,000.00. Following the completion of the transaction, the director now owns 3,959,876 shares in the company, valued at $24,551,231.20. The trade was a 1.28 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Daniel Neville bought 30,349 shares of the stock in a transaction dated Friday, March 14th. The shares were acquired at an average cost of $6.52 per share, for a total transaction of $197,875.48. Following the completion of the acquisition, the chief executive officer now directly owns 161,011 shares of the company’s stock, valued at approximately $1,049,791.72. This trade represents a 23.23 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 146,606 shares of company stock valued at $930,691 over the last 90 days. 26.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AFC Gamma

Large investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC lifted its position in shares of AFC Gamma by 19.7% during the 3rd quarter. Tidal Investments LLC now owns 519,610 shares of the company’s stock valued at $5,305,000 after acquiring an additional 85,655 shares during the period. State Street Corp lifted its position in AFC Gamma by 2.8% during the third quarter. State Street Corp now owns 376,611 shares of the company’s stock worth $3,968,000 after purchasing an additional 10,320 shares during the period. Charles Schwab Investment Management Inc. grew its stake in AFC Gamma by 4.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 50,403 shares of the company’s stock worth $515,000 after buying an additional 2,200 shares in the last quarter. Geode Capital Management LLC lifted its stake in AFC Gamma by 57.8% during the third quarter. Geode Capital Management LLC now owns 24,225 shares of the company’s stock worth $248,000 after purchasing an additional 8,877 shares during the last quarter. Finally, Barclays PLC lifted its position in shares of AFC Gamma by 257.0% during the 3rd 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. Institutional investors and hedge funds own 26.53% of the company’s stock.

AFC Gamma Trading Down 7.0 %

NASDAQ:AFCG opened at $5.05 on Wednesday. The company has a market cap of $114.11 million, a P/E ratio of 12.63 and a beta of 1.03. AFC Gamma has a twelve month low of $4.97 and a twelve month high of $12.74. The business has a 50 day moving average price of $7.64 and a two-hundred day moving average price of $8.84. The company has a quick ratio of 3.92, a current ratio of 3.92 and a debt-to-equity ratio of 0.29.

AFC Gamma Announces Dividend

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

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.