Insider Buying: AFC Gamma (NASDAQ:AFCG) Director Acquires 216,117 Shares of Stock

AFC Gamma Inc. (NASDAQ:AFCG) Director Leonard Tannenbaum bought 216,117 shares of the firm’s stock in a transaction on Friday, August 22nd. The shares were bought at an average cost of $4.03 per share, with a total value of $870,951.51. Following the transaction, the director directly owned 4,175,993 shares of the company’s stock, valued at approximately $16,829,251.79. This trade represents a 5.46% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

AFC Gamma Stock Performance

Shares of AFCG stock traded up $0.13 during trading hours on Tuesday, reaching $4.23. 240,147 shares of the company’s stock were exchanged, compared to its average volume of 209,625. AFC Gamma Inc. has a fifty-two week low of $3.44 and a fifty-two week high of $10.88. The stock has a market capitalization of $95.58 million, a P/E ratio of -10.32 and a beta of 1.07. The business has a fifty day moving average price of $4.49 and a 200-day moving average price of $5.58. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 0.06.

AFC Gamma Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, June 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 14.2%. AFC Gamma’s payout ratio is -146.34%.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners lowered AFC Gamma from a “buy” rating to a “hold” rating and set a $4.50 price target for the company. in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $5.75.

About AFC Gamma

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.