Abacus Life (NASDAQ:ABL) Trading Up 5.2% – What’s Next?

Abacus Life, Inc. (NASDAQ:ABL) shot up 5.2% during trading on Thursday . The company traded as high as $8.00 and last traded at $7.93. 14,804 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 93,966 shares. The stock had previously closed at $7.54.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. B. Riley increased their price objective on shares of Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 25th. B. Riley Financial reissued a “buy” rating and set a $16.00 price objective on shares of Abacus Life in a report on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Northland Securities started coverage on 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, Northland Capmk raised Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $14.70.

Abacus Life Stock Up 5.0 %

The company has a market capitalization of $670.66 million, a P/E ratio of -44.00 and a beta of 0.13. The company has a 50 day simple moving average of $8.32 and a two-hundred day simple moving average of $9.26. 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 issued its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The company had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. During the same period last year, the company earned $0.01 earnings per share. As a group, equities analysts predict that Abacus Life, Inc. will post 0.64 EPS for the current year.

Insider Activity at Abacus Life

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

Institutional Investors Weigh In On Abacus Life

A number of hedge funds have recently made changes to their positions in ABL. Allspring Global Investments Holdings LLC purchased a new stake in Abacus Life during the 2nd quarter worth approximately $9,909,000. Principal Financial Group Inc. acquired a new position in shares of Abacus Life in the second quarter valued at about $8,105,000. Point72 Asset Management L.P. acquired a new stake in shares of Abacus Life during the second quarter worth about $5,190,000. Mendon Capital Advisors Corp purchased a new stake in Abacus Life in the second quarter valued at approximately $4,974,000. Finally, Clearbridge Investments LLC purchased a new position in Abacus Life during the 2nd quarter worth approximately $4,342,000.

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.