Abacus Life (NASDAQ:ABL) Trading Up 3.6% – Here’s Why

Abacus Life, Inc. (NASDAQ:ABL)’s share price was up 3.6% during trading on Thursday . The stock traded as high as $7.74 and last traded at $7.91. Approximately 7,752 shares traded hands during trading, a decline of 96% from the average daily volume of 217,416 shares. The stock had previously closed at $7.63.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ABL. Northland Securities assumed coverage on shares of Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price target for the company. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Piper Sandler reiterated an “overweight” rating and set a $13.00 price target (up from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Finally, B. Riley cut their price objective on Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $14.30.

Abacus Life Trading Up 3.8 %

The company’s 50-day simple moving average is $7.78 and its 200-day simple moving average is $8.99. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29.

Abacus Life (NASDAQ:ABL) last issued its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The business had revenue of $28.15 million for the quarter, compared to analysts’ expectations of $26.08 million. During the same period in the previous year, the firm posted $0.01 EPS. Sell-side analysts predict that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

Insider Buying and Selling

In other Abacus Life news, CEO Jay J. Jackson sold 2,031,250 shares of Abacus Life stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the transaction, the chief executive officer now directly owns 10,562,000 shares in the company, valued at approximately $84,496,000. The trade was a 16.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Matthew Ganovsky sold 156,250 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total value of $1,250,000.00. Following the completion of the sale, the insider now owns 10,847,047 shares of the company’s stock, valued at $86,776,376. The trade was a 1.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 36,367 shares of company stock valued at $279,626 and have sold 2,263,300 shares valued at $18,106,400. 79.20% of the stock is currently owned by company insiders.

Institutional Trading of Abacus Life

A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its position in Abacus Life by 7.9% during the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after purchasing an additional 74,172 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Abacus Life during the 2nd quarter valued at about $5,190,000. Curi RMB Capital LLC grew its stake in shares of Abacus Life by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after buying an additional 12,765 shares in the last quarter. Mendon Capital Advisors Corp acquired a new position in Abacus Life in the second quarter worth approximately $4,974,000. Finally, Clearbridge Investments LLC acquired a new position in Abacus Life in the second quarter worth approximately $4,342,000.

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.