AFC Gamma (NASDAQ:AFCG) Posts Earnings Results, Misses Expectations By $0.03 EPS
AFC Gamma reported Q3 earnings of $0.16 per share, missing the consensus estimate of $0.19. Revenue was $6.53 million, slightly below the expected $6.55 million. The company had a positive return on equity of 10.06% but a negative net margin of 25.35%. Despite the earnings miss, AFC Gamma's stock rose 1.5% to $3.29. The company announced a quarterly dividend of $0.15, yielding 18.2%. Insider purchases were reported, with CEO Daniel Neville and Director Leonard M. Tannenbaum buying shares. Analysts have a consensus rating of 'Reduce' with a target price of $5.75.
AFC Gamma (NASDAQ:AFCG - Get Free Report) issued its earnings results on Wednesday. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.03), FiscalAI reports. AFC Gamma had a positive return on equity of 10.06% and a negative net margin of 25.35%.The firm had revenue of $6.53 million during the quarter, compared to analysts' expectations of $6.55 million.
AFC Gamma Stock Up 1.5%
AFCG stock traded up $0.05 during trading on Wednesday, reaching $3.29. The stock had a trading volume of 164,982 shares, compared to its average volume of 222,361. The firm has a fifty day moving average price of $3.82 and a 200 day moving average price of $4.46. 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 company has a market capitalization of $74.28 million, a P/E ratio of -8.01 and a beta of 1.02. AFC Gamma has a 1-year low of $3.04 and a 1-year high of $9.93.
AFC Gamma Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a $0.15 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.60 dividend on an annualized basis and a yield of 18.2%. AFC Gamma's payout ratio is currently -146.34%.
Insider Transactions at AFC Gamma
In other AFC Gamma news, CEO Daniel Neville purchased 12,388 shares of AFC Gamma stock in a transaction that occurred on Monday, September 8th. The stock was purchased at an average price of $4.44 per share, with a total value of $55,002.72. Following the completion of the acquisition, the chief executive officer owned 209,649 shares of the company's stock, valued at approximately $930,841.56. This trade represents a 6.28% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Leonard M. Tannenbaum bought 79,665 shares of AFC Gamma stock in a transaction dated Friday, September 5th. The shares were acquired at an average price of $4.56 per share, with a total value of $363,272.40. Following the completion of the purchase, the director owned 4,962,171 shares in the company, valued at approximately $22,627,499.76. The trade was a 1.63% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 1,030,683 shares of company stock worth $4,590,274. Corporate insiders own 25.10% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have commented on the company. Weiss Ratings restated a "sell (d)" rating on shares of AFC Gamma in a research note on Wednesday, October 8th. Alliance Global Partners downgraded shares of AFC Gamma from a "buy" rating to a "hold" rating and set a $4.50 target price for the company. in a research report on Friday, August 15th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $5.75.
Get Our Latest Stock Report on AFCG
AFC Gamma Company Profile
(Get Free Report)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.
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