Brokerages Set Abacus Life, Inc. (NASDAQ:ABL) Price Target at $14.70

Shares of Abacus Life, Inc. (NASDAQ:ABL) have been given a consensus rating of “Buy” by the six ratings firms that are covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $14.30.

Several brokerages have issued reports on ABL. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Northland Securities began coverage on shares of Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target on the stock. B. Riley lowered their price objective on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Piper Sandler reiterated 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.

Insider Buying and Selling

In related news, CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.00, for a total value of $16,250,000.00. Following the sale, the chief executive officer now directly owns 10,562,000 shares in the company, valued at $84,496,000. The trade was a 16.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Matthew Ganovsky sold 156,250 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the insider now directly owns 10,847,047 shares in the company, valued at approximately $86,776,376. The trade was a 1.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 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. 79.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Abacus Life

Several hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its stake in shares of Abacus Life by 7.9% during the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after buying an additional 74,172 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Abacus Life during the 2nd quarter worth $5,190,000. Curi RMB Capital LLC boosted its holdings in shares of Abacus Life by 2.4% during the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after purchasing an additional 12,765 shares during the last quarter. Mendon Capital Advisors Corp purchased a new stake in shares of Abacus Life in the second quarter valued at $4,974,000. Finally, Clearbridge Investments LLC acquired a new position in Abacus Life in the second quarter valued at $4,342,000.

Abacus Life Price Performance

Shares of NASDAQ:ABL opened at $7.39 on Tuesday. Abacus Life has a one year low of $7.07 and a one year high of $13.25. The stock has a market capitalization of $625.79 million, a price-to-earnings ratio of -41.05 and a beta of 0.13. The company has a 50-day simple moving average of $8.06 and a 200-day simple moving average of $9.10. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data 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. The company had revenue of $28.15 million during 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 last year, the firm earned $0.01 EPS. On average, analysts predict that Abacus Life will post 0.64 EPS for the current year.

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.