Abacus Life, Inc. (NASDAQ:ABL) Given Consensus Rating of "Buy" by Brokerages

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) has been given an average rating of "Buy" by the six analysts that are covering the company, Marketbeat reports. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $14.30.

Several equities research analysts have issued reports on ABL shares. B. Riley dropped 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 note on Tuesday. Northland Securities initiated coverage on shares of Abacus Life in a research report on Thursday, October 24th. They issued an "outperform" rating and a $13.50 price target for the company. Northland Capmk raised Abacus Life to a "strong-buy" rating in a report on Thursday, October 24th. 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 related news, insider Matthew Ganovsky sold 156,250 shares of the company's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total value of $1,250,000.00. Following the completion of the transaction, the insider now directly owns 10,847,047 shares of the company's stock, valued at approximately $86,776,376. This represents a 1.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jay J. Jackson sold 2,031,250 shares of Abacus Life stock in a transaction dated 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 directly owns 10,562,000 shares in the company, valued at $84,496,000. This represents a 16.13 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 36,367 shares of company stock valued at $279,626 and have sold 2,263,300 shares valued at $18,106,400. 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. Principal Financial Group Inc. bought a new position in Abacus Life during the second quarter worth about $8,105,000. Point72 Asset Management L.P. bought a new position in shares of Abacus Life during the 2nd quarter worth approximately $5,190,000. Mendon Capital Advisors Corp acquired a new position in shares of Abacus Life during the 2nd quarter worth approximately $4,974,000. Clearbridge Investments LLC bought a new stake in Abacus Life in the 2nd quarter valued at $4,342,000. Finally, Geode Capital Management LLC lifted its holdings in Abacus Life by 439.6% during the 3rd quarter. Geode Capital Management LLC now owns 171,917 shares of the company's stock valued at $1,741,000 after purchasing an additional 140,054 shares during the last quarter.

Abacus Life Stock Performance

ABL stock traded down $0.16 during mid-day trading on Tuesday, reaching $7.56. 167,773 shares of the stock traded hands, compared to its average volume of 137,393. The firm has a market capitalization of $640.17 million, a PE ratio of -42.00 and a beta of 0.14. The business has a 50-day moving average of $8.08 and a two-hundred day moving average of $9.11. Abacus Life has a 52 week low of $7.07 and a 52 week high of $13.25. 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 - Get Free Report) last issued its quarterly earnings results 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 analyst estimates 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 period in the previous year, the company earned $0.01 earnings per share. As a group, equities analysts predict that Abacus Life will post 0.64 EPS for the current fiscal year.

About Abacus Life

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.