Abacus Life, Inc. (NASDAQ:ABL) Sees Significant Drop in Short Interest

Abacus Life, Inc. (NASDAQ:ABL) was the recipient of a large decline in short interest in December. As of December 15th, there was short interest totalling 483,200 shares, a decline of 17.8% from the November 30th total of 587,800 shares. Approximately 2.0% of the company’s stock are sold short. Based on an average daily trading volume, of 180,500 shares, the short-interest ratio is currently 2.7 days.

Abacus Life Stock Down 2.2 %

Shares of Abacus Life stock traded down $0.17 on Monday, reaching $7.58. The stock had a trading volume of 11,439 shares, compared to its average volume of 95,099. The company has a 50 day moving average price of $8.25 and a 200 day moving average price of $9.21. Abacus Life has a 1 year low of $7.07 and a 1 year high of $13.25. The stock has a market capitalization of $641.87 million, a P/E ratio of -42.11 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, beating the consensus estimate of $0.14 by $0.06. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The business had revenue of $28.15 million for the quarter, compared to the consensus estimate of $26.08 million. During the same quarter in the previous year, the business earned $0.01 EPS. As a group, equities research analysts forecast that Abacus Life will post 0.64 EPS for the current year.

Insider Transactions at Abacus Life

In related news, insider Sean Mcnealy sold 75,800 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $8.00, for a total value of $606,400.00. Following the transaction, the insider now directly owns 12,361,500 shares of the company’s stock, valued at approximately $98,892,000. This represents a 0.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jay J. Jackson sold 2,031,250 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total value of $16,250,000.00. Following the transaction, the chief executive officer now directly owns 10,562,000 shares in the company, valued at approximately $84,496,000. The trade was a 16.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have acquired 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 Trading of Abacus Life

Several institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of Abacus Life during the second quarter worth approximately $9,909,000. Principal Financial Group Inc. purchased a new stake in shares of Abacus Life in the second quarter valued at approximately $8,105,000. Stieven Capital Advisors L.P. acquired a new stake in shares of Abacus Life in the second quarter valued at approximately $2,811,000. Levin Capital Strategies L.P. acquired a new position in Abacus Life during the second quarter worth $130,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Abacus Life in the 2nd quarter worth $106,000.

Analysts Set New Price Targets

Several research firms have recently commented on ABL. Northland Securities initiated coverage on Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective on the stock. Piper Sandler reissued 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. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Finally, B. Riley upped 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. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $14.70.

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.