AFC Gamma (NASDAQ:AFCG) Releases Quarterly Earnings Results, Misses Expectations By $0.03 EPS

AFC Gamma (NASDAQ:AFCG) posted its earnings results on Wednesday. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.03), FiscalAI reports. The firm had revenue of ($3.18) million for the quarter, compared to analyst estimates of $6.55 million. AFC Gamma had a positive return on equity of 8.17% and a negative net margin of 70.46%.

AFC Gamma Stock Up 0.5%

NASDAQ:AFCG traded up $0.02 during trading hours on Friday, hitting $3.12. The company’s stock had a trading volume of 47,631 shares, compared to its average volume of 221,861. AFC Gamma has a 52-week low of $3.04 and a 52-week high of $9.93. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $70.41 million, a P/E ratio of -3.00 and a beta of 1.02. The stock has a fifty day moving average of $3.76 and a 200-day moving average of $4.44.

AFC Gamma Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, September 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 19.3%. AFC Gamma’s payout ratio is presently -57.69%.

Insider Activity

In other AFC Gamma news, Director Leonard M. Tannenbaum bought 330,127 shares of the business’s stock in a transaction dated Wednesday, August 27th. The shares were acquired at an average price of $4.81 per share, with a total value of $1,587,910.87. Following the transaction, the director owned 4,665,150 shares of the company’s stock, valued at approximately $22,439,371.50. The trade was a 7.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel Neville purchased 12,388 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was acquired at an average cost of $4.44 per share, with a total value of $55,002.72. Following the completion of the acquisition, the chief executive officer directly owned 209,649 shares of the company’s stock, valued at $930,841.56. This represents a 6.28% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 1,030,683 shares of company stock valued at $4,590,274. Insiders own 25.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AFCG. Alliance Global Partners cut shares of AFC Gamma from a “buy” rating to a “hold” rating and set a $4.50 price target on the stock. in a research report on Friday, August 15th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of AFC Gamma in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $5.75.

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.