Abacus Life, Inc. (NASDAQ:ABL) Insider Sells $1,250,000.00 in Stock

Abacus Life, Inc. (NASDAQ:ABL) insider Matthew Ganovsky sold 156,250 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.00, for a total transaction of $1,250,000.00. Following the sale, the insider now directly owns 10,847,047 shares in the company, valued at $86,776,376. This represents a 1.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Abacus Life Price Performance

ABL stock opened at $8.08 on Thursday. The company has a market cap of $603.17 million, a PE ratio of -43.44 and a beta of 0.15. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock has a 50-day moving average price of $9.22 and a two-hundred day moving average price of $9.75. Abacus Life, Inc. has a 12-month low of $6.56 and a 12-month high of $13.25.

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. The business had revenue of $28.15 million during the quarter, compared to analysts’ expectations of $26.08 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. During the same quarter in the previous year, the business earned $0.01 EPS. As a group, research analysts predict that Abacus Life, Inc. will post 0.64 EPS for the current year.

Institutional Investors Weigh In On Abacus Life

Institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC purchased a new position in shares of Abacus Life in the 2nd quarter valued at $9,909,000. Principal Financial Group Inc. raised its position in Abacus Life by 7.9% in 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 period. Point72 Asset Management L.P. acquired a new position in shares of Abacus Life during the second quarter worth about $5,190,000. Curi RMB Capital LLC boosted its position in shares of Abacus Life by 2.4% in the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after buying an additional 12,765 shares during the period. Finally, Mendon Capital Advisors Corp acquired a new stake in shares of Abacus Life in the second quarter valued at about $4,974,000.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ABL. TD Cowen initiated coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 target price on the stock. B. Riley Financial reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a research report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $13.00 target price (up from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Northland Securities assumed coverage on Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price target for the company. Finally, Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Abacus Life has an average rating of “Buy” and an average price target of $14.70.

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.