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

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

Wall Street Analyst Weigh In

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

Abacus Life Trading Up 0.8 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The company has a market capitalization of $651.19 million, a price-to-earnings ratio of -42.72 and a beta of 0.14. The firm has a fifty day moving average price of $7.80 and a 200-day moving average price of $9.00.

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, topping analysts’ consensus estimates of $0.14 by $0.06. The firm had revenue of $28.15 million for the quarter, compared to the consensus estimate 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 period in the prior year, the company posted $0.01 earnings per share. As a group, equities analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current year.

Insider Activity at Abacus Life

In other news, insider Sean Mcnealy sold 75,800 shares of the company’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 completion of the transaction, the insider now directly owns 12,361,500 shares in the company, valued at approximately $98,892,000. This represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jay J. Jackson sold 2,031,250 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total value of $16,250,000.00. Following the sale, the chief executive officer now directly owns 10,562,000 shares in the company, valued at approximately $84,496,000. This trade represents a 16.13 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 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 insiders.

Institutional Trading of Abacus Life

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in Abacus Life during the 2nd quarter worth approximately $106,000. Geneos Wealth Management Inc. bought a new position in shares of Abacus Life during the fourth quarter valued at $110,000. Quarry LP acquired a new position in shares of Abacus Life during the second quarter worth $318,000. Richard W. Paul & Associates LLC grew its stake in shares of Abacus Life by 27.8% in the third quarter. Richard W. Paul & Associates LLC now owns 38,902 shares of the company’s stock worth $394,000 after purchasing an additional 8,454 shares during the last quarter. Finally, Sei Investments Co. acquired a new stake in Abacus Life in the second quarter valued at $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.