Insider Selling: Abacus Life, Inc. (NASDAQ:ABL) Insider Sells $606,400.00 in Stock

Abacus Life, Inc. (NASDAQ:ABL) insider Sean Mcnealy sold 75,800 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $8.00, for a total transaction of $606,400.00. Following the transaction, the insider now owns 12,361,500 shares of the company’s stock, valued at $98,892,000. This trade represents a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Abacus Life Stock Down 3.3 %

Shares of ABL opened at $7.54 on Wednesday. Abacus Life, Inc. has a 1 year low of $7.07 and a 1 year high of $13.25. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a 50 day simple moving average of $8.37 and a two-hundred day simple moving average of $9.27. The firm has a market cap of $638.48 million, a P/E ratio of -41.89 and a beta of 0.13.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $28.15 million during the quarter, compared to analysts’ expectations of $26.08 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. During the same quarter in the prior year, the company earned $0.01 EPS. On average, analysts forecast that Abacus Life, Inc. will post 0.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its holdings in Abacus Life by 7.9% during the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after acquiring an additional 74,172 shares during the period. Franklin Resources Inc. lifted its position in Abacus Life by 3.6% in the third quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock valued at $4,382,000 after purchasing an additional 15,308 shares during the last quarter. Geode Capital Management LLC lifted its position in Abacus Life by 439.6% in the third quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock valued at $1,741,000 after purchasing an additional 140,054 shares during the last quarter. Charles Schwab Investment Management Inc. purchased a new stake in shares of Abacus Life during the third quarter valued at approximately $614,000. Finally, Royce & Associates LP grew its holdings in shares of Abacus Life by 35.0% in the third quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after purchasing an additional 77,000 shares during the last quarter.

Analysts Set New Price Targets

ABL has been the subject of several research analyst reports. Northland Capmk raised Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Northland Securities assumed coverage on Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price objective for the company. B. Riley Financial reaffirmed a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a research note on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $13.00 price target (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Finally, B. Riley raised their price objective on shares of Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $14.70.

Abacus Life Company Profile

Abacus Life, Inc operates as an alternative asset manager specializing in life insurance products. It purchases life insurance policies from consumers seeking liquidity and manages policies over time via trading, holding, and/or servicing. The company was founded in 2004 and is based in Orlando, Florida.