Abacus Life, Inc. (NASDAQ:ABL) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. lowered its stake in shares of Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 47.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 315,594 shares of the company's stock after selling 284,406 shares during the period. Point72 Asset Management L.P. owned about 0.42% of Abacus Life worth $3,194,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABL. Renaissance Technologies LLC purchased a new stake in shares of Abacus Life during the 2nd quarter worth approximately $106,000. Levin Capital Strategies L.P. acquired a new stake in Abacus Life in the second quarter valued at $130,000. Richard W. Paul & Associates LLC grew its holdings in Abacus Life by 4.8% in the second quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company's stock valued at $263,000 after purchasing an additional 1,401 shares during the last quarter. Quarry LP purchased a new position in shares of Abacus Life in the second quarter valued at $318,000. Finally, Sei Investments Co. acquired a new position in shares of Abacus Life during the 2nd quarter worth $418,000.

Abacus Life Trading Up 1.5 %

Shares of ABL stock traded up $0.12 during mid-day trading on Tuesday, hitting $7.94. 179,427 shares of the company's stock were exchanged, compared to its average volume of 86,548. The stock has a market cap of $672.36 million, a price-to-earnings ratio of -43.44 and a beta of 0.13. The stock has a 50-day simple moving average of $8.80 and a two-hundred day simple moving average of $9.53. Abacus Life, Inc. has a fifty-two week low of $6.56 and a fifty-two 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 posted its quarterly earnings results on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $28.15 million during the quarter, compared to analysts' expectations 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 quarter in the previous year, the business earned $0.01 EPS. Equities analysts expect that Abacus Life, Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity at Abacus Life

In other Abacus Life news, 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 transaction 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. The trade was a 16.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Adam Samuel Gusky bought 18,241 shares of the business's stock in a transaction dated Friday, November 22nd. The stock was acquired at an average cost of $7.54 per share, for a total transaction of $137,537.14. Following the purchase, the director now owns 40,959 shares in the company, valued at approximately $308,830.86. This trade represents a 80.29 % increase in their position. The disclosure for this purchase can be found here. 79.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on ABL. Northland Capmk upgraded shares of Abacus Life to a "strong-buy" rating in a report on Thursday, October 24th. B. Riley Financial restated a "buy" rating and set a $16.00 price objective on shares of Abacus Life in a research report on Friday, August 30th. Piper Sandler reaffirmed an "overweight" rating and issued a $13.00 target price (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. B. Riley boosted their price target on Abacus Life from $16.00 to $17.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Finally, Northland Securities started coverage on Abacus Life in a research report on Thursday, October 24th. They issued an "outperform" rating and a $13.50 price objective on the stock. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $14.70.

Abacus Life 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.