Abacus Life, Inc. (NASDAQ:ABL) CEO Sells $16,250,000.00 in Stock

Abacus Life, Inc. (NASDAQ:ABL) CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the transaction, the chief executive officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Abacus Life Stock Up 1.6 %

ABL stock opened at $7.67 on Tuesday. The firm’s fifty day simple moving average is $9.30 and its 200-day simple moving average is $9.81. The company has a market capitalization of $572.57 million, a P/E ratio of -42.61 and a beta of 0.15. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. Abacus Life, Inc. has a 12 month low of $6.56 and a 12 month high of $13.25.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $26.08 million. During the same period in the prior year, the firm earned $0.01 EPS. As a group, equities research analysts forecast that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Institutional Trading of Abacus Life

Hedge funds have recently added to or reduced their stakes in the company. Evernest Financial Advisors LLC purchased a new stake in Abacus Life during the third quarter worth $681,000. Principal Financial Group Inc. raised its position in Abacus Life by 7.9% during the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after acquiring an additional 74,172 shares during the period. Mendon Capital Advisors Corp acquired a new position in Abacus Life during the second quarter worth $4,974,000. Clearbridge Investments LLC acquired a new position in Abacus Life during the second quarter worth $4,342,000. Finally, Royce & Associates LP raised its position in Abacus Life by 35.0% during the third quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after acquiring an additional 77,000 shares during the period.

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.