Short Interest in Abacus Life, Inc. (NASDAQ:ABL) Declines By 20.7%

Abacus Life, Inc. (NASDAQ:ABL) was the target of a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 587,800 shares, a decrease of 20.7% from the November 15th total of 741,400 shares. Currently, 3.1% of the shares of the stock are short sold. Based on an average daily volume of 175,300 shares, the days-to-cover ratio is currently 3.4 days.

Abacus Life Price Performance

NASDAQ:ABL opened at $7.94 on Friday. Abacus Life has a one year low of $7.07 and a one year high of $13.25. 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 firm has a market cap of $672.36 million, a price-to-earnings ratio of -44.11 and a beta of 0.13. The firm’s fifty day moving average is $8.67 and its two-hundred day moving average is $9.47.

Abacus Life (NASDAQ:ABL) last posted its earnings results on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The firm 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 last year, the firm earned $0.01 EPS. Research analysts expect that Abacus Life will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Jay J. Jackson sold 2,031,250 shares of Abacus Life 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 $16,250,000.00. Following the completion of the transaction, the chief executive officer now owns 10,562,000 shares in the company, valued at approximately $84,496,000. The trade was a 16.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Adam Samuel Gusky purchased 6,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was bought at an average price of $7.94 per share, with a total value of $47,640.00. Following the completion of the transaction, the director now owns 49,085 shares of the company’s stock, valued at $389,734.90. The trade was a 13.93 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 26,367 shares of company stock worth $202,036 over the last three months. 79.20% of the stock is currently owned by company insiders.

Institutional Trading of Abacus Life

Several institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of Abacus Life in the second quarter worth approximately $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.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Northland Securities began coverage on shares of Abacus Life in a research report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective on the stock. Piper Sandler reaffirmed 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. B. Riley Financial reaffirmed a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Finally, B. Riley upped their target price on Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, November 25th. 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, Abacus Life presently has a consensus 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.