Abacus Life (NASDAQ:ABL) Trading Down 2.9% on Insider Selling

Shares of Abacus Life, Inc. (NASDAQ:ABL) traded down 2.9% during trading on Tuesday following insider selling activity. The stock traded as low as $7.56 and last traded at $7.57. 62,507 shares changed hands during trading, a decline of 34% from the average session volume of 94,066 shares. The stock had previously closed at $7.80.

Specifically, insider Sean Mcnealy sold 75,800 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $8.00, for a total transaction of $606,400.00. Following the transaction, the insider now directly owns 12,361,500 shares of the company’s stock, valued at approximately $98,892,000. The trade was 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 this hyperlink.

Analyst Ratings Changes

Several analysts have commented on ABL shares. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. B. Riley Financial reaffirmed a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. B. Riley lifted their price objective on Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Northland Securities initiated coverage on Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 price objective for the company. Finally, Piper Sandler reiterated an “overweight” rating and set a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $14.70.

Abacus Life Trading Down 3.3 %

The stock’s fifty day simple moving average is $8.41 and its 200 day simple moving average is $9.29. The firm has a market capitalization of $638.48 million, a PE ratio of -41.89 and a beta of 0.13. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL) last issued its quarterly 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 during the quarter, compared to analyst estimates of $26.08 million. During the same quarter in the prior year, the business posted $0.01 EPS. On average, sell-side analysts predict that Abacus Life, Inc. will post 0.64 earnings per share for the current year.

Institutional Investors Weigh In On Abacus Life

A number of institutional investors have recently bought and sold shares of ABL. Renaissance Technologies LLC purchased a new position in Abacus Life during the 2nd quarter valued at approximately $106,000. Levin Capital Strategies L.P. purchased a new stake in shares of Abacus Life during the 2nd quarter valued at about $130,000. Quarry LP purchased a new stake in shares of Abacus Life during the 2nd quarter valued at about $318,000. Richard W. Paul & Associates LLC raised its position in shares of Abacus Life by 27.8% during the 3rd quarter. Richard W. Paul & Associates LLC now owns 38,902 shares of the company’s stock valued at $394,000 after buying an additional 8,454 shares in the last quarter. Finally, Sei Investments Co. purchased a new stake in shares of Abacus Life during the 2nd quarter valued at about $418,000.

About Abacus Life

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.