Abacus Life (NASDAQ:ABL) Sees Unusually-High Trading Volume – Time to Buy?

Abacus Life, Inc. (NASDAQ:ABL) shares saw strong trading volume on Monday . 191,259 shares changed hands during trading, an increase of 48% from the previous session’s volume of 129,443 shares.The stock last traded at $7.91 and had previously closed at $7.62.

Wall Street Analyst Weigh In

Separately, B. Riley cut their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $14.30.

Abacus Life Stock Up 1.6 %

The stock has a market cap of $748.42 million, a P/E ratio of -43.16 and a beta of 0.14. The firm has a 50 day simple moving average of $7.59 and a 200-day simple moving average of $8.45. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Insider Buying and Selling at Abacus Life

In related news, insider Sean Mcnealy sold 75,800 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $8.00, for a total value of $606,400.00. Following the transaction, the insider now owns 12,361,500 shares in the company, valued at approximately $98,892,000. This represents a 0.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 79.20% of the company’s stock.

Institutional Investors Weigh In On Abacus Life

Institutional investors have recently made changes to their positions in the company. Richard W. Paul & Associates LLC grew its stake in shares of Abacus Life by 7.5% in the fourth quarter. Richard W. Paul & Associates LLC now owns 41,836 shares of the company’s stock valued at $328,000 after acquiring an additional 2,934 shares in the last quarter. Bank of America Corp DE grew its position in shares of Abacus Life by 2.6% during the 4th quarter. Bank of America Corp DE now owns 161,458 shares of the company’s stock worth $1,264,000 after purchasing an additional 4,162 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Abacus Life by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 177,227 shares of the company’s stock worth $1,389,000 after purchasing an additional 5,310 shares in the last quarter. LPL Financial LLC raised its position in shares of Abacus Life by 31.0% in the fourth quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock valued at $182,000 after buying an additional 5,507 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in shares of Abacus Life by 2.5% in the fourth quarter. Point72 Asset Management L.P. now owns 323,432 shares of the company’s stock valued at $2,532,000 after buying an additional 7,838 shares during the period.

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.