Abacus Life (NASDAQ:ABL) Shares Up 5.2% – Time to Buy?

Abacus Life, Inc. (NASDAQ:ABL) rose 5.2% on Thursday . The company traded as high as $8.00 and last traded at $7.93. Approximately 14,804 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 93,966 shares. The stock had previously closed at $7.54.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. B. Riley Financial reiterated a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a research report on Friday, August 30th. B. Riley boosted their target price on Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Northland Securities started coverage on Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price target on the stock. Finally, Piper Sandler reissued an “overweight” rating and set a $13.00 price objective (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $14.70.

Abacus Life Trading Down 2.1 %

The business has a 50 day moving average of $8.29 and a 200 day moving average of $9.25. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a market capitalization of $656.26 million, a price-to-earnings ratio of -43.05 and a beta of 0.13.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings data 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. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The business had revenue of $28.15 million for the quarter, compared to analyst estimates of $26.08 million. During the same quarter last year, the firm earned $0.01 EPS. As a group, research analysts predict that Abacus Life, Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Transactions at Abacus Life

In related news, CEO Jay J. Jackson sold 2,031,250 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 10,562,000 shares of the company’s stock, valued at approximately $84,496,000. This represents a 16.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew Ganovsky sold 156,250 shares of Abacus Life stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the insider now directly owns 10,847,047 shares in the company, valued at approximately $86,776,376. The trade was a 1.42 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 36,367 shares of company stock valued at $279,626 and have sold 2,263,300 shares valued at $18,106,400. Insiders own 79.20% of the company’s stock.

Institutional Investors Weigh In On Abacus Life

Several institutional investors have recently added to or reduced their stakes in ABL. Renaissance Technologies LLC acquired a new stake in shares of Abacus Life in the 2nd quarter valued at about $106,000. Levin Capital Strategies L.P. acquired a new position in Abacus Life during the 2nd quarter worth approximately $130,000. Quarry LP acquired a new position in Abacus Life during the 2nd quarter worth approximately $318,000. Richard W. Paul & Associates LLC grew its stake in shares of Abacus Life by 27.8% during the 3rd quarter. Richard W. Paul & Associates LLC now owns 38,902 shares of the company’s stock worth $394,000 after acquiring an additional 8,454 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in shares of Abacus Life in the second quarter valued at approximately $418,000.

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.