Abacus Life (NASDAQ:ABL) Sees Unusually-High Trading Volume on Analyst Upgrade

Shares of Abacus Life, Inc. (NASDAQ:ABL) saw unusually-strong trading volume on Monday after B. Riley raised their price target on the stock from $16.00 to $17.00. B. Riley currently has a buy rating on the stock. Approximately 58,908 shares traded hands during mid-day trading, a decline of 22% from the previous session’s volume of 75,467 shares.The stock last traded at $7.76 and had previously closed at $7.55.

Other analysts have also issued research reports about the company. TD Cowen assumed coverage on Abacus Life in a report on Wednesday, August 7th. They set a “buy” rating and a $14.00 target price for the company. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. B. Riley Financial reaffirmed a “buy” rating and set a $16.00 price target on shares of Abacus Life in a research report on Friday, August 30th. Northland Securities started coverage on Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price objective for the company. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $13.00 target price (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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $14.70.

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 stock was sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the sale, the chief executive officer now directly owns 10,562,000 shares of the company’s stock, valued at $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 at this hyperlink. Also, insider Matthew Ganovsky sold 156,250 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.00, for a total value of $1,250,000.00. Following the completion of the sale, the insider now owns 10,847,047 shares in the company, valued at approximately $86,776,376. This represents a 1.42 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 79.20% of the company’s stock.

Institutional Trading of Abacus Life

A number of hedge funds have recently added to or reduced their stakes in ABL. Allspring Global Investments Holdings LLC acquired a new stake in Abacus Life in the 2nd quarter worth about $9,909,000. Principal Financial Group Inc. lifted its holdings in Abacus Life by 7.9% in the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after purchasing an additional 74,172 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Abacus Life during the 2nd quarter worth $5,190,000. Curi RMB Capital LLC grew 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 buying an additional 12,765 shares in the last quarter. Finally, Mendon Capital Advisors Corp acquired a new stake in shares of Abacus Life in the second quarter valued at about $4,974,000.

Abacus Life Stock Up 2.0 %

The stock has a market capitalization of $583.77 million, a price-to-earnings ratio of -43.83 and a beta of 0.15. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The business’s 50-day moving average is $9.26 and its two-hundred day moving average is $9.78.

Abacus Life (NASDAQ:ABL) last announced 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 firm had revenue of $28.15 million during the quarter, compared to analyst estimates of $26.08 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. During the same quarter in the prior year, the firm posted $0.01 earnings per share. Equities analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current year.

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.