Abacus Life (NASDAQ:ABL) Shares Down 2.9% After Insider Selling

Abacus Life, Inc. (NASDAQ:ABL)’s stock price dropped 2.9% during trading on Tuesday following insider selling activity. The stock traded as low as $7.56 and last traded at $7.57. Approximately 62,507 shares traded hands during trading, a decline of 34% from the average daily volume of 94,066 shares. The stock had previously closed at $7.80.

Specifically, insider Sean Mcnealy sold 75,800 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $8.00, for a total value of $606,400.00. Following the completion of the sale, the insider now owns 12,361,500 shares in the company, valued at $98,892,000. This represents a 0.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

Several equities research analysts recently commented on ABL shares. Piper Sandler reissued an “overweight” rating and issued a $13.00 price target (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. B. Riley increased 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 restated a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a research note on Friday, August 30th. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Finally, Northland Securities assumed 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 analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $14.70.

Abacus Life Trading Down 3.3 %

The firm has a market cap of $638.48 million, a P/E ratio of -41.89 and a beta of 0.13. The company’s 50 day moving average is $8.37 and its two-hundred day moving average is $9.27. 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 (NASDAQ:ABL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $28.15 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted $0.01 earnings per share. On average, sell-side analysts predict that Abacus Life, Inc. will post 0.64 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ABL. Renaissance Technologies LLC acquired a new position in Abacus Life in the second quarter valued at about $106,000. Levin Capital Strategies L.P. acquired a new position in shares of Abacus Life in the 2nd quarter worth approximately $130,000. Quarry LP bought a new stake in Abacus Life during the 2nd quarter worth approximately $318,000. Richard W. Paul & Associates LLC increased its holdings in Abacus Life by 27.8% during the 3rd quarter. Richard W. Paul & Associates LLC now owns 38,902 shares of the company’s stock valued at $394,000 after purchasing an additional 8,454 shares in the last quarter. Finally, Sei Investments Co. bought a new position in Abacus Life in the 2nd quarter valued at $418,000.

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.