Abacus Life, Inc. (NASDAQ:ABL) Sees Significant Decrease in Short Interest

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) was the recipient of a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 483,200 shares, a drop of 17.8% from the November 30th total of 587,800 shares. Based on an average trading volume of 180,500 shares, the days-to-cover ratio is presently 2.7 days. Approximately 2.0% of the shares of the company are sold short.

Analysts Set New Price Targets

Several research firms recently issued reports on ABL. 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. Northland Securities started coverage on shares of Abacus Life in a research note on Thursday, October 24th. They issued an "outperform" rating and a $13.50 price objective for the company. B. Riley raised their price objective on shares of Abacus Life from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Finally, Northland Capmk raised shares of Abacus Life to a "strong-buy" rating in a report on Thursday, October 24th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $14.70.

Insider Activity

In other Abacus Life news, insider Sean Mcnealy sold 75,800 shares of the business's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $8.00, for a total transaction of $606,400.00. Following the completion of the sale, the insider now directly owns 12,361,500 shares in the company, valued at $98,892,000. The trade was a 0.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Adam Samuel Gusky purchased 18,241 shares of Abacus Life stock in a transaction dated Friday, November 22nd. The shares were acquired at an average cost of $7.54 per share, with a total value of $137,537.14. Following the transaction, the director now directly owns 40,959 shares in the company, valued at approximately $308,830.86. The trade was a 80.29 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 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 bought and sold shares of the business. Allspring Global Investments Holdings LLC purchased a new stake in Abacus Life in the 2nd quarter valued at about $9,909,000. Principal Financial Group Inc. purchased a new stake in shares of Abacus Life in the second quarter valued at approximately $8,105,000. Stieven Capital Advisors L.P. bought a new position in Abacus Life in the second quarter worth approximately $2,811,000. Levin Capital Strategies L.P. purchased a new position in Abacus Life during the 2nd quarter worth $130,000. Finally, Renaissance Technologies LLC bought a new stake in Abacus Life during the 2nd quarter valued at $106,000.

Abacus Life Trading Down 2.1 %

Shares of NASDAQ:ABL traded down $0.17 during trading on Friday, hitting $7.75. The company had a trading volume of 299,365 shares, compared to its average volume of 95,444. The stock has a market cap of $656.26 million, a price-to-earnings ratio of -43.05 and a beta of 0.13. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The company has a fifty day simple moving average of $8.25 and a two-hundred day simple moving average of $9.22. Abacus Life has a one year low of $7.07 and a one year high of $13.25.

Abacus Life (NASDAQ:ABL - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The business had revenue of $28.15 million for the quarter, compared to the consensus estimate of $26.08 million. During the same quarter in the prior year, the firm posted $0.01 earnings per share. As a group, equities analysts forecast that Abacus Life will post 0.64 earnings per share 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.