Abacus Life (NASDAQ:ABL) Trading Up 5.2% – What’s Next?

Abacus Life, Inc. (NASDAQ:ABL)’s stock price traded up 5.2% on Thursday . The company traded as high as $8.00 and last traded at $7.93. 14,804 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 93,966 shares. The stock had previously closed at $7.54.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ABL shares. 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. 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. Piper Sandler restated an “overweight” rating and issued a $13.00 price objective (up from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Finally, Northland Securities began coverage on shares of Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 target price on the stock. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Abacus Life currently has an average rating of “Buy” and an average price target of $14.70.

Abacus Life Price Performance

The firm has a market cap of $656.26 million, a P/E ratio of -43.05 and a beta of 0.13. The stock’s 50-day moving average is $8.29 and its 200-day moving average is $9.25. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $26.08 million. During the same quarter in the prior year, the business earned $0.01 earnings per share. As a group, equities analysts anticipate that Abacus Life, Inc. will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other Abacus Life news, Director Adam Samuel Gusky acquired 6,000 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was bought at an average price of $7.94 per share, for a total transaction of $47,640.00. Following the purchase, the director now owns 49,085 shares in the company, valued at $389,734.90. This represents a 13.93 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Sean Mcnealy sold 75,800 shares of Abacus Life stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $8.00, for a total transaction of $606,400.00. Following the sale, the insider now owns 12,361,500 shares in the company, valued at approximately $98,892,000. This trade represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders bought 36,367 shares of company stock worth $279,626 and sold 2,263,300 shares worth $18,106,400. Corporate insiders own 79.20% of the company’s stock.

Hedge Funds Weigh In On Abacus Life

A number of hedge funds have recently modified their holdings of the stock. Evernest Financial Advisors LLC acquired a new stake in Abacus Life in the 3rd quarter valued at $681,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Abacus Life in the 3rd quarter valued at $614,000. 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 worth $10,233,000 after purchasing an additional 74,172 shares in the last quarter. Royce & Associates LP lifted its holdings in Abacus Life by 35.0% during the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock valued at $3,006,000 after purchasing an additional 77,000 shares during the last quarter. Finally, Mendon Capital Advisors Corp bought a new position in Abacus Life during the 2nd quarter valued at about $4,974,000.

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.