Abacus Life, Inc. (NASDAQ:ABL) Short Interest Down 20.7% in November

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) saw a large drop in short interest during the month of November. As of November 30th, there was short interest totalling 587,800 shares, a drop of 20.7% from the November 15th total of 741,400 shares. Based on an average daily volume of 175,300 shares, the short-interest ratio is presently 3.4 days. Currently, 3.1% of the company's shares are short sold.

Insider Activity at Abacus Life

In other Abacus Life news, insider Matthew Ganovsky sold 156,250 shares of Abacus Life stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.00, for a total value of $1,250,000.00. Following the transaction, the insider now directly owns 10,847,047 shares of the company's stock, valued at $86,776,376. The trade was a 1.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jay J. Jackson sold 2,031,250 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 10,562,000 shares of the company's stock, valued at approximately $84,496,000. This trade represents a 16.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 26,367 shares of company stock valued at $202,036. Insiders own 79.20% of the company's stock.

Institutional Investors Weigh In On Abacus Life

Several hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new stake in Abacus Life in the second quarter worth $9,909,000. Principal Financial Group Inc. boosted its stake in Abacus Life by 7.9% in the 3rd 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 in the last quarter. Point72 Asset Management L.P. purchased a new stake in Abacus Life during the 2nd quarter valued at about $5,190,000. Curi RMB Capital LLC increased its stake in Abacus Life by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company's stock valued at $5,566,000 after purchasing an additional 12,765 shares in the last quarter. Finally, Mendon Capital Advisors Corp purchased a new position in Abacus Life in the second quarter worth about $4,974,000.

Analyst Upgrades and Downgrades

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

Abacus Life Stock Up 0.6 %

Shares of NASDAQ:ABL traded up $0.05 during trading on Friday, hitting $7.94. The stock had a trading volume of 97,806 shares, compared to its average volume of 89,270. 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 has a 12 month low of $7.07 and a 12 month high of $13.25. The company has a market capitalization of $672.36 million, a PE ratio of -44.11 and a beta of 0.13. The firm's fifty day moving average is $8.70 and its 200 day moving average is $9.49.

Abacus Life (NASDAQ:ABL - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.06. The business had revenue of $28.15 million during 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 quarter in the prior year, the company earned $0.01 earnings per share. Analysts anticipate 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.