Abacus Life, Inc. (NASDAQ:ABL – Get Free Report)’s share price gapped down before the market opened on Friday . The stock had previously closed at $7.38, but opened at $7.18. Abacus Life shares last traded at $7.44, with a volume of 10,153 shares trading hands.
Analyst Ratings Changes
ABL has been the subject of a number of research reports. B. Riley reduced their price target on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Northland Securities began coverage on shares of Abacus Life in a research report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price target on the stock. Northland Capmk raised Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Finally, Piper Sandler restated an “overweight” rating and issued a $13.00 target price (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Abacus Life has an average rating of “Buy” and a consensus target price of $14.30.
Get Our Latest Research Report on Abacus Life
Abacus Life Price Performance
Abacus Life (NASDAQ:ABL – Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $28.15 million for the quarter, compared to analyst estimates 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 period in the prior year, the company earned $0.01 EPS. Equities analysts predict that Abacus Life, Inc. will post 0.63 earnings per share for the current fiscal year.
Insider Buying and Selling at Abacus Life
In related news, CEO Jay J. Jackson sold 2,031,250 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Matthew Ganovsky sold 156,250 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 value of $1,250,000.00. Following the completion of the sale, the insider now owns 10,847,047 shares of the company’s stock, valued at approximately $86,776,376. This trade represents a 1.42 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 36,367 shares of company stock worth $279,626 and have sold 2,263,300 shares worth $18,106,400. Company insiders own 79.20% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC bought a new stake in shares of Abacus Life during the 2nd quarter valued at about $106,000. Sei Investments Co. purchased a new stake in Abacus Life in the second quarter worth about $418,000. Quarry LP bought a new stake in Abacus Life during the 2nd quarter valued at approximately $318,000. Point72 Asset Management L.P. purchased a new position in shares of Abacus Life during the 2nd quarter worth approximately $5,190,000. Finally, Clearbridge Investments LLC bought a new position in shares of Abacus Life in the 2nd quarter worth approximately $4,342,000.
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.
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