B. Riley Cuts Abacus Life (NASDAQ:ABL) Price Target to $15.00

Abacus Life (NASDAQ:ABL) had its price objective cut by analysts at B. Riley from $17.00 to $15.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s target price suggests a potential upside of 102.98% from the company’s current price.

Several other equities research analysts also recently commented on the company. Northland Capmk raised Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Northland Securities began coverage on shares of Abacus Life in a research report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target on the stock. Finally, Piper Sandler reaffirmed 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. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $14.30.

Abacus Life Price Performance

Shares of NASDAQ ABL opened at $7.39 on Tuesday. The firm has a market cap of $625.78 million, a PE ratio of -41.05 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 has a 1-year low of $7.07 and a 1-year high of $13.25. The company has a fifty day moving average price of $8.06 and a 200 day moving average price of $9.10.

Abacus Life (NASDAQ:ABL) last announced its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share 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 firm had revenue of $28.15 million during the quarter, compared to analyst estimates of $26.08 million. During the same period in the prior year, the business earned $0.01 EPS. Research analysts predict that Abacus Life will post 0.64 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Jay J. Jackson sold 2,031,250 shares of the firm’s stock in a transaction dated 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Adam Samuel Gusky purchased 6,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were acquired at an average cost of $7.94 per share, for a total transaction of $47,640.00. Following the completion of the transaction, the director now owns 49,085 shares of the company’s stock, valued at $389,734.90. This trade represents a 13.93 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 36,367 shares of company stock valued at $279,626 and have sold 2,263,300 shares valued at $18,106,400. Insiders own 79.20% of the company’s stock.

Institutional Investors Weigh In On Abacus Life

A number of large investors have recently bought and sold shares of the company. Levin Capital Strategies L.P. acquired a new stake in shares of Abacus Life in the 2nd quarter valued at approximately $130,000. Renaissance Technologies LLC acquired a new stake in shares of Abacus Life in the 2nd quarter valued at approximately $106,000. Sei Investments Co. acquired a new stake in shares of Abacus Life in the 2nd quarter valued at approximately $418,000. Quarry LP acquired a new stake in Abacus Life during the 2nd quarter worth approximately $318,000. Finally, Point72 Asset Management L.P. acquired a new stake in Abacus Life during the 2nd quarter worth approximately $5,190,000.

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.