Abacus Life (NASDAQ:ABL) Reaches New 1-Year Low – Time to Sell?

Abacus Life, Inc. (NASDAQ:ABL) hit a new 52-week low on Friday . The company traded as low as $6.98 and last traded at $7.08, with a volume of 133771 shares changing hands. The stock had previously closed at $7.39.

Wall Street Analyst Weigh In

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

Abacus Life Price Performance

The firm has a market capitalization of $585.98 million, a P/E ratio of -38.44 and a beta of 0.14. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The stock’s fifty day simple moving average is $8.00 and its 200 day simple moving average is $9.08.

Abacus Life (NASDAQ:ABL) last posted its earnings results on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $28.15 million during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the company posted $0.01 earnings per share. On average, equities research analysts predict that Abacus Life, Inc. will post 0.64 EPS for the current year.

Insider Activity

In related news, Director Adam Samuel Gusky acquired 6,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was purchased at an average cost of $7.94 per share, with a total value of $47,640.00. Following the transaction, the director now directly owns 49,085 shares of the company’s stock, valued at $389,734.90. This trade represents a 13.93 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Matthew Ganovsky sold 156,250 shares of the business’s stock in a transaction that occurred on 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 approximately $86,776,376. This represents a 1.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders acquired 36,367 shares of company stock worth $279,626 and sold 2,263,300 shares worth $18,106,400. Company insiders own 79.20% of the company’s stock.

Institutional Trading of Abacus Life

Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in shares of Abacus Life by 7.9% during the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after purchasing an additional 74,172 shares during the period. Evernest Financial Advisors LLC acquired a new stake in Abacus Life during the 3rd quarter valued at approximately $681,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of Abacus Life in the 3rd quarter valued at $614,000. Geode Capital Management LLC increased its stake in shares of Abacus Life by 439.6% in the third quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock worth $1,741,000 after acquiring an additional 140,054 shares during the period. Finally, Royce & Associates LP raised its holdings in shares of Abacus Life by 35.0% during the third quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after purchasing an additional 77,000 shares during the last quarter.

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.