Abacus Life, Inc. (NASDAQ:ABL) Given Average Rating of “Buy” by Analysts

Abacus Life, Inc. (NASDAQ:ABL) has been assigned a consensus rating of “Buy” from the six brokerages that are covering the company, Marketbeat reports. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $14.30.

Several equities research analysts have issued reports on ABL shares. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. B. Riley dropped their price target 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. Northland Securities initiated coverage on shares of Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target for the company. Finally, Piper Sandler reissued 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.

Insider Transactions at Abacus Life

In other news, CEO Jay J. Jackson sold 2,031,250 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the sale, the chief executive officer now owns 10,562,000 shares in the company, valued at approximately $84,496,000. This represents a 16.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Adam Samuel Gusky purchased 6,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was acquired at an average cost of $7.94 per share, with a total value of $47,640.00. Following the completion of the acquisition, the director now directly owns 49,085 shares of the company’s stock, valued at $389,734.90. The trade was a 13.93 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 36,367 shares of company stock valued at $279,626 and sold 2,263,300 shares valued at $18,106,400. Company insiders own 79.20% of the company’s stock.

Institutional Trading of Abacus Life

A number of hedge funds and other institutional investors have recently modified their holdings of ABL. Renaissance Technologies LLC bought a new position in Abacus Life in the 2nd quarter valued at $106,000. Levin Capital Strategies L.P. acquired a new position in shares of Abacus Life during the second quarter valued at $130,000. Quarry LP bought a new position in Abacus Life in the second quarter valued at about $318,000. Richard W. Paul & Associates LLC increased its position in Abacus Life by 27.8% in the third 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 period. Finally, Sei Investments Co. bought a new stake in Abacus Life during the 2nd quarter worth about $418,000.

Abacus Life Stock Up 2.7 %

NASDAQ ABL opened at $7.11 on Tuesday. Abacus Life has a twelve month low of $6.75 and a twelve month high of $13.25. The stock has a market cap of $602.07 million, a PE ratio of -39.50 and a beta of 0.14. The firm has a 50-day simple moving average of $8.00 and a 200 day simple moving average of $9.08. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $28.15 million during the quarter, compared to the consensus estimate 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 quarter last year, the company earned $0.01 EPS. On average, research analysts forecast that Abacus Life will post 0.64 EPS for the current year.

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.