Abacus Life, Inc. (NASDAQ:ABL) Given Average Recommendation of “Buy” by Brokerages

Shares of Abacus Life, Inc. (NASDAQ:ABL) have received an average rating of “Buy” from the six analysts that are presently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $14.70.

Several analysts have recently issued reports on the company. Northland Securities assumed coverage on Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target for the company. B. Riley Financial reiterated a “buy” rating and set a $16.00 price target on shares of Abacus Life in a research note on Friday, August 30th. B. Riley upped their price target on Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Piper Sandler reiterated an “overweight” rating and set a $13.00 price target (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Finally, Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th.

Abacus Life Stock Performance

Shares of NASDAQ ABL opened at $7.70 on Friday. The business’s 50-day moving average price is $8.63 and its two-hundred day moving average price is $9.42. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. Abacus Life has a one year low of $7.07 and a one year high of $13.25. The company has a market capitalization of $652.03 million, a P/E ratio of -42.78 and a beta of 0.13.

Abacus Life (NASDAQ:ABL) last issued 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 the consensus estimate 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 in the previous year, the company posted $0.01 earnings per share. Analysts anticipate that Abacus Life will post 0.64 earnings per share for the current fiscal year.

Insider Activity at Abacus Life

In other Abacus Life news, 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 transaction, the insider now owns 10,847,047 shares of the company’s stock, valued at $86,776,376. This represents a 1.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jay J. Jackson sold 2,031,250 shares of the firm’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 $16,250,000.00. Following the completion of the sale, the chief executive officer now owns 10,562,000 shares of the company’s stock, valued at $84,496,000. This represents a 16.13 % decrease in their position. The disclosure for this sale can be found here. Insiders acquired a total of 36,367 shares of company stock worth $279,626 in the last 90 days. 79.20% of the stock is owned by company insiders.

Institutional Trading of Abacus Life

A number of hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Abacus Life in the 2nd quarter worth approximately $9,909,000. Principal Financial Group Inc. lifted its position in shares of Abacus Life by 7.9% in the 3rd 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 period. Point72 Asset Management L.P. bought a new position in shares of Abacus Life during the 2nd quarter worth approximately $5,190,000. Curi RMB Capital LLC lifted its position in shares of Abacus Life by 2.4% during the 3rd 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 during the period. Finally, Mendon Capital Advisors Corp bought a new position in shares of Abacus Life during the 2nd quarter worth approximately $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.