Matthew Ganovsky Sells 156,250 Shares of Abacus Life, Inc. (NASDAQ:ABL) Stock

Abacus Life, Inc. (NASDAQ:ABL) insider Matthew Ganovsky sold 156,250 shares of the stock in a transaction that occurred 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 trade represents a 1.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Abacus Life Stock Up 2.0 %

Shares of NASDAQ:ABL opened at $7.82 on Wednesday. The firm has a market capitalization of $583.77 million, a P/E ratio of -43.83 and a beta of 0.15. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a 50 day moving average price of $9.26 and a 200-day moving average price of $9.78. Abacus Life, Inc. has a 52-week low of $6.56 and a 52-week high of $13.25.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The business had revenue of $28.15 million during the quarter, compared to analyst estimates 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 quarter last year, the firm posted $0.01 earnings per share. As a group, equities research analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Abacus Life

Several hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in shares of Abacus Life by 439.6% during the third 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 in the last quarter. Charles Schwab Investment Management Inc. bought a new position in Abacus Life during the 3rd quarter valued at approximately $614,000. Royce & Associates LP raised its stake in Abacus Life by 35.0% during the third quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock valued at $3,006,000 after buying an additional 77,000 shares during the last quarter. Curi RMB Capital LLC boosted its holdings in Abacus Life by 2.4% in the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after acquiring an additional 12,765 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Abacus Life by 7.9% in the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after acquiring an additional 74,172 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ABL shares. B. Riley increased their price target on shares of Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Piper Sandler restated an “overweight” rating and set a $13.00 price target (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. TD Cowen began coverage on Abacus Life in a report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, B. Riley Financial reissued a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research note on Friday, August 30th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Abacus Life has an average rating of “Buy” and an average target price of $14.70.

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.