Abacus Life (NASDAQ:ABL) Trading Down 2.9% on Insider Selling

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) traded down 2.9% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $7.56 and last traded at $7.57. 62,507 shares changed hands during trading, a decline of 34% from the average session volume of 94,066 shares. The stock had previously closed at $7.80.

Specifically, insider Sean Mcnealy sold 75,800 shares of the company's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $8.00, for a total transaction of $606,400.00. Following the sale, the insider now directly owns 12,361,500 shares in the company, valued at approximately $98,892,000. This represents a 0.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

Several analysts have issued reports on ABL shares. B. Riley Financial reiterated a "buy" rating and issued a $16.00 target price on shares of Abacus Life in a research note on Friday, August 30th. 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 objective for the company. Northland Capmk upgraded Abacus Life to a "strong-buy" rating in a research note on Thursday, October 24th. B. Riley lifted their price target on Abacus Life from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Finally, Piper Sandler restated an "overweight" rating and issued a $13.00 price objective (up from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Abacus Life currently has a consensus rating of "Buy" and an average price target of $14.70.

Abacus Life Stock Performance

The business has a fifty day moving average of $8.37 and a 200-day moving average of $9.27. The company has a market cap of $638.48 million, a PE ratio of -41.89 and a beta of 0.13. The company has a current ratio of 1.29, a quick 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 data on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.06. The firm had revenue of $28.15 million for 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 last year, the company earned $0.01 EPS. Equities research analysts anticipate that Abacus Life, Inc. will post 0.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ABL. Evernest Financial Advisors LLC bought a new stake in shares of Abacus Life in the third quarter worth $681,000. Charles Schwab Investment Management Inc. bought a new stake in shares of Abacus Life during the 3rd quarter valued at about $614,000. Principal Financial Group Inc. boosted its position in shares of Abacus Life by 7.9% in the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company's stock worth $10,233,000 after purchasing an additional 74,172 shares during the period. Royce & Associates LP raised its position in shares of Abacus Life by 35.0% during the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company's stock valued at $3,006,000 after purchasing an additional 77,000 shares during the period. Finally, Mendon Capital Advisors Corp purchased a new position in shares of Abacus Life during the 2nd quarter valued at $4,974,000.

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.