Abacus Life, Inc. (NASDAQ:ABL) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC boosted its stake in Abacus Life, Inc. (NASDAQ:ABL) by 439.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 171,917 shares of the company’s stock after acquiring an additional 140,054 shares during the period. Geode Capital Management LLC’s holdings in Abacus Life were worth $1,741,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new position in shares of Abacus Life in the 2nd quarter valued at approximately $106,000. Levin Capital Strategies L.P. acquired a new stake in shares of Abacus Life during the second quarter worth $130,000. Quarry LP purchased a new position in Abacus Life in the 2nd quarter valued at $318,000. Richard W. Paul & Associates LLC increased its stake in Abacus Life by 27.8% in the 3rd 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 period. Finally, Sei Investments Co. purchased a new position in Abacus Life during the 2nd quarter worth $418,000.

Insider Transactions at Abacus Life

In other Abacus Life news, 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 value of $1,250,000.00. Following the completion of the sale, the insider now directly owns 10,847,047 shares of the company’s stock, valued at approximately $86,776,376. The trade was a 1.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay J. Jackson sold 2,031,250 shares of the business’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 completion of the transaction, the chief executive officer now owns 10,562,000 shares of the company’s stock, valued at $84,496,000. This trade represents a 16.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 36,367 shares of company stock valued at $279,626 and sold 2,263,300 shares valued at $18,106,400. Corporate insiders own 79.20% of the company’s stock.

Wall Street Analyst Weigh In

ABL has been the topic of several analyst reports. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Piper Sandler reaffirmed an “overweight” rating and issued a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Northland Securities assumed coverage on Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price for the company. Finally, B. Riley decreased their price target on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday. 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, the company has an average rating of “Buy” and a consensus target price of $14.30.

Abacus Life Stock Performance

Shares of ABL stock opened at $7.39 on Thursday. 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 stock has a market cap of $625.78 million, a PE ratio of -41.05 and a beta of 0.14. Abacus Life, Inc. has a 1 year low of $7.07 and a 1 year high of $13.25. The stock has a fifty day moving average price of $8.06 and a 200 day moving average price of $9.10.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.20 EPS 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 period in the previous year, the firm earned $0.01 EPS. Sell-side analysts forecast that Abacus Life, Inc. will post 0.64 earnings per share for the current fiscal year.

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.