Abacus Life (NASDAQ:ABL) Price Target Lowered to $15.00 at B. Riley

Abacus Life (NASDAQ:ABL) had its target price cut by equities research analysts at B. Riley from $17.00 to $15.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price target would indicate a potential upside of 94.30% from the company’s current price.

Other research analysts have also recently issued reports about the company. Northland Securities assumed coverage on Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target on the stock. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $13.00 price objective (up from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Abacus Life has an average rating of “Buy” and a consensus price target of $14.30.

Abacus Life Trading Down 2.3 %

Shares of Abacus Life stock opened at $7.72 on Tuesday. The firm has a market capitalization of $653.72 million, a price-to-earnings ratio of -42.89 and a beta of 0.14. Abacus Life has a fifty-two week low of $7.07 and a fifty-two week high of $13.25. 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 stock has a 50 day moving average of $8.10 and a 200 day moving average of $9.12.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The company had revenue of $28.15 million during the quarter, compared to analyst estimates 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 period in the prior year, the business posted $0.01 earnings per share. As a group, research analysts predict that Abacus Life will post 0.64 earnings per share for the current year.

Insider Buying and Selling at Abacus Life

In other Abacus Life news, insider Matthew Ganovsky sold 156,250 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.00, for a total value 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 trade represents a 1.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Mcnealy sold 75,800 shares of the firm’s stock in a transaction 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 36,367 shares of company stock worth $279,626 and have sold 2,263,300 shares worth $18,106,400. 79.20% of the stock is owned by insiders.

Institutional Trading of Abacus Life

A number of hedge funds and other institutional investors have recently bought and sold shares of ABL. Levin Capital Strategies L.P. acquired a new stake in Abacus Life in the second quarter valued at $130,000. Renaissance Technologies LLC purchased a new position in shares of Abacus Life during the second quarter worth about $106,000. Sei Investments Co. purchased a new position in shares of Abacus Life during the second quarter worth about $418,000. Quarry LP purchased a new position in shares of Abacus Life during the second quarter worth about $318,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Abacus Life during the second quarter worth about $5,190,000.

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.