Short Interest in Abacus Life, Inc. (NASDAQ:ABL) Drops By 34.1%

Abacus Life, Inc. (NASDAQ:ABL) was the target of a significant decline in short interest in February. As of February 28th, there was short interest totalling 496,500 shares, a decline of 34.1% from the February 13th total of 752,900 shares. Currently, 1.4% of the shares of the stock are short sold. Based on an average trading volume of 216,400 shares, the short-interest ratio is currently 2.3 days.

Abacus Life Trading Up 1.6 %

ABL stock opened at $7.62 on Monday. The firm has a fifty day moving average price of $7.59 and a 200 day moving average price of $8.45. Abacus Life has a fifty-two week low of $6.75 and a fifty-two week high of $12.65. The firm has a market cap of $736.43 million, a PE ratio of -42.33 and a beta of 0.14. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29.

Insider Activity

In other news, insider Sean Mcnealy sold 75,800 shares of the business’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 transaction, the insider now owns 12,361,500 shares of the company’s stock, valued at approximately $98,892,000. The trade was a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 79.20% of the company’s stock.

Hedge Funds Weigh In On Abacus Life

Institutional investors and hedge funds have recently made changes to their positions in the business. Alyeska Investment Group L.P. boosted its holdings in shares of Abacus Life by 116.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company’s stock worth $19,894,000 after purchasing an additional 1,367,210 shares during the period. Royce & Associates LP grew its stake in Abacus Life by 339.9% in the 4th quarter. Royce & Associates LP now owns 1,306,431 shares of the company’s stock worth $10,229,000 after acquiring an additional 1,009,431 shares in the last quarter. Kennedy Capital Management LLC purchased a new position in shares of Abacus Life during the fourth quarter worth approximately $7,461,000. Monashee Investment Management LLC bought a new stake in shares of Abacus Life during the fourth quarter valued at approximately $6,342,000. Finally, Mendon Capital Advisors Corp boosted its holdings in shares of Abacus Life by 137.1% in the fourth quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company’s stock valued at $10,209,000 after purchasing an additional 753,826 shares during the period.

Analysts Set New Price Targets

Separately, B. Riley decreased their price target on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $14.30.

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.