Abacus Life (NASDAQ:ABL) Shares Up 5.2% - Here's Why
Abacus Life (NASDAQ:ABL) shares rose 5.2% to $7.93, with a trading volume decline of 84%. Analysts have issued positive ratings, with Northland Capital raising it to "strong-buy" and B. Riley increasing the target price to $17.00. The company reported $0.20 EPS, exceeding estimates, and had revenue of $28.15 million. Insider trading included a significant sale by CEO Jay J. Jackson and a purchase by Director Adam Samuel Gusky. Institutional investors have also increased their stakes in the company, reflecting growing interest in Abacus Life.
Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) shares rose 5.2% during trading on Thursday . The stock traded as high as $8.00 and last traded at $7.93. Approximately 14,804 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 93,966 shares. The stock had previously closed at $7.54.
Analysts Set New Price Targets
- Abacus Life’s CEO on Cracking the Code of Longevity Returns
A number of equities research analysts have issued reports on the stock. Northland Capmk raised shares of Abacus Life to a "strong-buy" rating in a report on Thursday, October 24th. B. Riley raised their target price on Abacus Life from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Piper Sandler reiterated an "overweight" rating and set a $13.00 price target (up from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Northland Securities assumed coverage on shares of Abacus Life in a research report on Thursday, October 24th. They issued an "outperform" rating and a $13.50 price objective for the company. Finally, B. Riley Financial reaffirmed a "buy" rating and set a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $14.70.
Get Our Latest Report on ABL
Abacus Life Stock Up 5.0 %
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 stock has a 50 day moving average price of $8.32 and a 200-day moving average price of $9.26. The stock has a market capitalization of $670.66 million, a P/E ratio of -44.00 and a beta of 0.13.
Abacus Life (NASDAQ:ABL - Get Free Report) last announced its quarterly earnings results 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. 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 analyst estimates of $26.08 million. During the same quarter last year, the firm earned $0.01 EPS. As a group, research analysts expect that Abacus Life, Inc. will post 0.64 EPS for the current fiscal year.
Insider Buying and Selling at Abacus Life
In other news, Director Adam Samuel Gusky purchased 18,241 shares of Abacus Life stock in a transaction that occurred on Friday, November 22nd. The stock was bought at an average price of $7.54 per share, with a total value of $137,537.14. Following the completion of the transaction, the director now directly owns 40,959 shares of the company's stock, valued at approximately $308,830.86. The trade was a 80.29 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jay J. Jackson sold 2,031,250 shares of the stock in a transaction 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 owns 10,562,000 shares in the company, valued at approximately $84,496,000. This represents a 16.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 36,367 shares of company stock valued at $279,626 and sold 2,263,300 shares valued at $18,106,400. Insiders own 79.20% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new stake in Abacus Life during the second quarter valued at $9,909,000. Principal Financial Group Inc. increased its position in shares of Abacus Life by 7.9% during the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company's stock valued at $10,233,000 after purchasing an additional 74,172 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Abacus Life in the second quarter worth approximately $5,190,000. Curi RMB Capital LLC grew its position in Abacus Life by 2.4% during the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company's stock valued at $5,566,000 after buying an additional 12,765 shares during the period. Finally, Mendon Capital Advisors Corp bought a new stake in Abacus Life during the second quarter valued at approximately $4,974,000.
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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