AFC Gamma’s (NASDAQ:AFCG) lock-up period is set to end on Wednesday, September 15th. AFC Gamma had issued 6,250,000 shares in its public offering on March 19th. The total size of the offering was $118,750,000 based on an initial share price of $19.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the expiration of the lock-up period.
Several equities analysts recently weighed in on AFCG shares. Zacks Investment Research lowered shares of AFC Gamma from a “hold” rating to a “strong sell” rating in a report on Thursday, August 12th. Cowen started coverage on shares of AFC Gamma in a research note on Wednesday, August 11th. They set an “outperform” rating and a $27.00 price target on the stock. Jefferies Financial Group started coverage on shares of AFC Gamma in a research note on Thursday, August 26th. They set a “buy” rating and a $24.00 price target on the stock. Finally, Compass Point started coverage on shares of AFC Gamma in a research note on Tuesday, June 15th. They set a “neutral” rating and a $25.00 price target on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, AFC Gamma presently has an average rating of “Buy” and a consensus target price of $26.45.
AFC Gamma stock opened at $20.71 on Wednesday. The firm’s 50-day moving average price is $20.99. AFC Gamma has a 52-week low of $19.75 and a 52-week high of $25.05.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 30th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 7.34%. The ex-dividend date is Wednesday, September 29th.
A number of institutional investors have recently bought and sold shares of AFCG. Cohanzick Management LLC acquired a new stake in shares of AFC Gamma in the 2nd quarter worth approximately $41,000. Morgan Stanley acquired a new stake in shares of AFC Gamma in the 1st quarter worth approximately $48,000. Rockbridge Investment Management LCC acquired a new stake in shares of AFC Gamma in the 2nd quarter worth approximately $62,000. Advisor Group Holdings Inc. lifted its stake in shares of AFC Gamma by 1,340.0% in the 2nd quarter. Advisor Group Holdings Inc. now owns 3,600 shares of the company’s stock worth $75,000 after acquiring an additional 3,350 shares during the period. Finally, Bank of America Corp DE acquired a new stake in shares of AFC Gamma in the 2nd quarter worth approximately $85,000. 54.15% of the stock is owned by hedge funds and other institutional investors.
AFC Gamma Company Profile
AFC Gamma, Inc originates, structures, underwrites, and manages senior secured loans and other types of loans for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. It primarily originates loans structured as senior loans secured by real estate, equipment, licenses and/or other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties.
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