Abacus Life (NASDAQ:ABL) Stock Price Down 2.9% Following Insider Selling

Shares of Abacus Life, Inc. (NASDAQ:ABL) traded down 2.9% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $7.56 and last traded at $7.57. 62,507 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 94,066 shares. The stock had previously closed at $7.80.

Specifically, insider Sean Mcnealy sold 75,800 shares of Abacus Life stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $8.00, for a total transaction of $606,400.00. Following the transaction, the insider now owns 12,361,500 shares of the company’s stock, valued at $98,892,000. The trade was a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Analyst Upgrades and Downgrades

Several research firms have commented on ABL. B. Riley lifted their target price on shares of Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. B. Riley Financial restated a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Finally, Northland Securities started coverage on shares of Abacus Life in a research report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target on the stock. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Abacus Life has a consensus rating of “Buy” and an average target price of $14.70.

Abacus Life Trading Down 3.3 %

The stock’s fifty day simple moving average is $8.32 and its two-hundred day simple moving average is $9.26. The firm has a market cap of $638.48 million, a PE ratio of -41.89 and a beta of 0.13. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The company 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 prior year, the business posted $0.01 EPS. On average, sell-side analysts forecast that Abacus Life, Inc. will post 0.64 EPS for the current fiscal year.

Institutional Trading of Abacus Life

Institutional investors and hedge funds have recently bought and sold shares of the company. Richard W. Paul & Associates LLC grew its holdings in shares of Abacus Life by 27.8% during the third quarter. Richard W. Paul & Associates LLC now owns 38,902 shares of the company’s stock valued at $394,000 after buying an additional 8,454 shares during the last quarter. Renaissance Technologies LLC bought a new position in Abacus Life in the 2nd quarter valued at approximately $106,000. Curi RMB Capital LLC boosted its stake in Abacus Life by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after purchasing an additional 12,765 shares during the last quarter. Levin Capital Strategies L.P. bought a new stake in shares of Abacus Life in the 2nd quarter worth $130,000. Finally, Franklin Resources Inc. raised its stake in shares of Abacus Life by 3.6% in the third quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock worth $4,382,000 after purchasing an additional 15,308 shares during the last quarter.

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.