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

Abacus Life, Inc. (NASDAQ:ABL) was the target of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 587,800 shares, a decrease of 20.7% from the November 15th total of 741,400 shares. Approximately 3.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 175,300 shares, the days-to-cover ratio is currently 3.4 days.

Abacus Life Stock Up 0.6 %

ABL stock opened at $7.94 on Friday. Abacus Life has a 1-year low of $7.07 and a 1-year high of $13.25. The stock has a market cap of $672.36 million, a price-to-earnings ratio of -44.11 and a beta of 0.13. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The company’s 50 day moving average is $8.67 and its 200 day moving average is $9.47.

Abacus Life (NASDAQ:ABL) last released 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 positive return on equity of 12.88% and a negative net margin of 11.65%. The company had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. During the same quarter in the previous year, the company posted $0.01 EPS. Sell-side analysts predict that Abacus Life will post 0.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ABL has been the topic of a number of research reports. Northland Capmk raised Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. 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 boosted their price target on shares of Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 25th. B. Riley Financial reissued a “buy” rating and set a $16.00 price objective on shares of Abacus Life in a report on Friday, August 30th. Finally, Northland Securities initiated 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 for the company. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $14.70.

Insider Buying and Selling

In other news, insider Matthew Ganovsky sold 156,250 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total value of $1,250,000.00. Following the sale, the insider now directly owns 10,847,047 shares of the company’s stock, valued at approximately $86,776,376. This represents a 1.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Adam Samuel Gusky bought 6,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was purchased at an average price of $7.94 per share, for a total transaction of $47,640.00. Following the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 26,367 shares of company stock worth $202,036 in the last ninety days. 79.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Abacus Life

A number of large investors have recently bought and sold shares of the stock. Franklin Resources Inc. raised its stake in Abacus Life by 3.6% in the third quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock worth $4,382,000 after buying an additional 15,308 shares in the last quarter. Geode Capital Management LLC grew its position in Abacus Life by 439.6% during the 3rd quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock valued at $1,741,000 after purchasing an additional 140,054 shares during the last quarter. Charles Schwab Investment Management Inc. bought a new stake in shares of Abacus Life during the third quarter valued at approximately $614,000. Royce & Associates LP increased its holdings in shares of Abacus Life by 35.0% in the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after purchasing an additional 77,000 shares in the last quarter. Finally, Curi RMB Capital LLC raised its position in Abacus Life by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after buying an additional 12,765 shares during the last quarter.

Abacus Life Company 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.