Abacus Life (NASDAQ:ABL) Stock Price Up 3.6% – Should You Buy?

Abacus Life, Inc. (NASDAQ:ABL) shares traded up 3.6% during mid-day trading on Thursday . The stock traded as high as $7.74 and last traded at $7.91. 7,752 shares were traded during mid-day trading, a decline of 96% from the average session volume of 217,416 shares. The stock had previously closed at $7.63.

Analyst Upgrades and Downgrades

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

Abacus Life Stock Performance

The stock has a market cap of $651.19 million, a P/E ratio of -42.72 and a beta of 0.14. The stock has a fifty day simple moving average of $7.80 and a 200-day simple moving average of $9.00. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating 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 negative net margin of 11.65% and a positive return on equity of 12.88%. During the same quarter in the previous year, the business earned $0.01 EPS. Equities analysts expect that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Insider Activity at Abacus Life

In other news, CEO Jay J. Jackson sold 2,031,250 shares of Abacus Life stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total value of $16,250,000.00. Following the sale, the chief executive officer now directly owns 10,562,000 shares in the company, valued at $84,496,000. This trade represents a 16.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Adam Samuel Gusky bought 18,241 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average cost of $7.54 per share, with a total value of $137,537.14. Following the transaction, the director now owns 40,959 shares of the company’s stock, valued at $308,830.86. This represents a 80.29 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 36,367 shares of company stock valued at $279,626 and have sold 2,263,300 shares valued at $18,106,400. 79.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Abacus Life

A number of institutional investors have recently added to or reduced their stakes in the company. Richard W. Paul & Associates LLC increased its stake in shares of Abacus Life by 27.8% during the 3rd quarter. Richard W. Paul & Associates LLC now owns 38,902 shares of the company’s stock worth $394,000 after purchasing an additional 8,454 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Abacus Life during the second quarter worth approximately $106,000. Curi RMB Capital LLC raised its stake in Abacus Life by 2.4% in the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after buying an additional 12,765 shares during the period. Geneos Wealth Management Inc. acquired a new stake in shares of Abacus Life in the fourth quarter valued at approximately $110,000. Finally, Franklin Resources Inc. boosted its stake in shares of Abacus Life by 3.6% during the 3rd quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock worth $4,382,000 after acquiring an additional 15,308 shares during the period.

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.