Shares of Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) were up 3.6% during mid-day trading on Thursday . The company traded as high as $7.74 and last traded at $7.91. Approximately 7,752 shares changed hands during trading, a decline of 96% from the average daily volume of 217,416 shares. The stock had previously closed at $7.63.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on ABL. Northland Securities initiated coverage on shares of Abacus Life in a research report on Thursday, October 24th. They set an "outperform" rating and a $13.50 target price on the stock. Piper Sandler restated an "overweight" rating and issued a $13.00 price target (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Northland Capmk raised Abacus Life to a "strong-buy" rating in a report on Thursday, October 24th. Finally, B. Riley lowered their target price on Abacus Life from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Abacus Life currently has an average rating of "Buy" and a consensus price target of $14.30.
View Our Latest Report on Abacus Life
Abacus Life Trading Up 3.8 %
The business has a 50 day moving average of $7.78 and a 200-day moving average of $8.99. The stock has a market cap of $671.50 million, a PE ratio of -44.05 and a beta of 0.14. 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 (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The business had revenue of $28.15 million for 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 period in the prior year, the business earned $0.01 earnings per share. On average, analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current year.
Insider Buying and Selling
In other news, insider Matthew Ganovsky sold 156,250 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $1,250,000.00. Following the transaction, the insider now directly owns 10,847,047 shares in the company, valued at $86,776,376. This represents a 1.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sean Mcnealy sold 75,800 shares of the firm's stock in a transaction that occurred on 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. This represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 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 owned by company insiders.
Institutional Trading of Abacus Life
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in Abacus Life by 7.9% in the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company's stock valued at $10,233,000 after acquiring an additional 74,172 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Abacus Life in the 2nd quarter valued at about $5,190,000. Curi RMB Capital LLC grew its holdings in shares of Abacus Life by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company's stock worth $5,566,000 after purchasing an additional 12,765 shares during the period. Mendon Capital Advisors Corp purchased a new stake in shares of Abacus Life during the 2nd quarter worth about $4,974,000. Finally, Clearbridge Investments LLC acquired a new stake in Abacus Life during the 2nd quarter worth approximately $4,342,000.
About Abacus Life
(
Get Free Report)
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.
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