Abacus Life (NASDAQ:ABL) Stock Price Up 4.3% – Here’s Why

Shares of Abacus Life, Inc. (NASDAQ:ABL) were up 4.3% on Tuesday . The company traded as high as $8.22 and last traded at $7.93. Approximately 113,464 shares changed hands during trading, a decline of 46% from the average daily volume of 210,771 shares. The stock had previously closed at $7.60.

Analysts Set New Price Targets

Separately, B. Riley decreased their price objective on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. 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 currently has a consensus rating of “Buy” and a consensus price target of $14.30.

Abacus Life Stock Up 3.8 %

The business has a 50 day moving average price of $7.59 and a 200 day moving average price of $8.43. 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 stock has a market cap of $762.53 million, a PE ratio of -43.80 and a beta of 0.14.

Insider Activity at Abacus Life

In related news, insider Sean Mcnealy sold 75,800 shares of Abacus Life stock in a transaction dated Friday, December 20th. The stock was 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 79.20% of the stock is owned by company insiders.

Institutional Trading of Abacus Life

A number of institutional investors and hedge funds have recently made changes to their positions in ABL. Geneos Wealth Management Inc. purchased a new position in Abacus Life in the 4th quarter valued at about $110,000. Squarepoint Ops LLC acquired a new stake in Abacus Life during the 4th quarter worth $113,000. JPMorgan Chase & Co. grew its holdings in shares of Abacus Life by 640.9% during the fourth quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company’s stock worth $131,000 after buying an additional 14,420 shares in the last quarter. LPL Financial LLC raised its position in shares of Abacus Life by 31.0% in the fourth quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock valued at $182,000 after buying an additional 5,507 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Abacus Life during the fourth quarter worth about $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.