Insider Buying: AFC Gamma (NASDAQ:AFCG) Director Buys 46,000 Shares of Stock

AFC Gamma Inc. (NASDAQ:AFCG) Director Leonard Tannenbaum acquired 46,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was purchased at an average cost of $2.94 per share, for a total transaction of $135,240.00. Following the completion of the purchase, the director directly owned 5,792,098 shares of the company’s stock, valued at $17,028,768.12. The trade was a 0.80% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

AFC Gamma Price Performance

Shares of AFCG traded down $0.07 during mid-day trading on Thursday, reaching $2.89. The company had a trading volume of 136,135 shares, compared to its average volume of 206,104. The company has a market capitalization of $65.29 million, a price-to-earnings ratio of -2.78 and a beta of 1.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.04 and a current ratio of 3.04. The company’s 50 day simple moving average is $3.28 and its 200 day simple moving average is $4.17. AFC Gamma Inc. has a 1-year low of $2.52 and a 1-year high of $9.71.

AFC Gamma (NASDAQ:AFCG) last issued its earnings results on Wednesday, November 12th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.03). The firm had revenue of ($3.18) million during the quarter, compared to analyst estimates of $6.55 million. AFC Gamma had a positive return on equity of 8.45% and a negative net margin of 70.46%. Analysts expect that AFC Gamma Inc. will post 1.64 EPS for the current year.

AFC Gamma Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 20.8%. The ex-dividend date of this dividend was Tuesday, September 30th. AFC Gamma’s payout ratio is currently -57.69%.

Analyst Ratings Changes

AFCG has been the subject of several recent analyst reports. Zacks Research raised shares of AFC Gamma to a “hold” rating in a research report on Thursday, November 13th. Weiss Ratings restated a “sell (d)” rating on shares of AFC Gamma in a report on Wednesday, October 8th. Finally, Alliance Global Partners downgraded shares of AFC Gamma from a “buy” rating to a “hold” rating and set a $4.50 price target for the company. in a research note on Friday, August 15th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price 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.