Abacus Life (NASDAQ:ABL) Trading Up 4.3% – Time to Buy?

Abacus Life, Inc. (NASDAQ:ABL)’s share price shot up 4.3% during trading on Tuesday . The stock traded as high as $8.22 and last traded at $7.93. 113,464 shares were traded during mid-day trading, a decline of 46% from the average session volume of 210,771 shares. The stock had previously closed at $7.60.

Wall Street Analyst Weigh In

Separately, B. Riley lowered their price target 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 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 data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $14.30.

Abacus Life Price Performance

The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The firm has a market cap of $762.53 million, a price-to-earnings ratio of -43.80 and a beta of 0.14. The company’s 50-day moving average price is $7.59 and its 200-day moving average price is $8.43.

Insider Transactions at Abacus Life

In related news, insider Sean Mcnealy sold 75,800 shares of Abacus Life stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $8.00, for a total value of $606,400.00. Following the completion of the transaction, the insider now owns 12,361,500 shares in the company, valued at $98,892,000. The trade was a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 79.20% of the company’s stock.

Institutional Investors Weigh In On Abacus Life

Institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. acquired a new stake in Abacus Life during the fourth quarter worth approximately $110,000. Squarepoint Ops LLC acquired a new stake in shares of Abacus Life during the fourth quarter worth about $113,000. JPMorgan Chase & Co. boosted its position in shares of Abacus Life by 640.9% in the 4th quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company’s stock valued at $131,000 after purchasing an additional 14,420 shares during the period. LPL Financial LLC grew its stake in Abacus Life by 31.0% during the 4th quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock worth $182,000 after buying an additional 5,507 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Abacus Life in the 4th quarter valued at $193,000.

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.