Abacus Life, Inc. (NASDAQ:ABL) Receives Average Recommendation of “Buy” from Analysts

Shares of Abacus Life, Inc. (NASDAQ:ABL) have been assigned a consensus recommendation of “Buy” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $14.30.

A number of equities research analysts have issued reports on the stock. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Northland Securities assumed coverage on Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target on the stock. B. Riley decreased their price objective on Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Finally, Piper Sandler reaffirmed 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.

Abacus Life Trading Down 1.3 %

Shares of NASDAQ ABL opened at $7.79 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $752.83 million, a PE ratio of -43.28 and a beta of 0.14. Abacus Life has a twelve month low of $6.75 and a twelve month high of $13.25. The stock has a fifty day simple moving average of $7.73 and a 200-day simple moving average of $8.97.

Abacus Life (NASDAQ:ABL) last released its 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. The company had revenue of $28.15 million during 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 period in the previous year, the company posted $0.01 EPS. On average, equities analysts forecast that Abacus Life will post 0.62 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Jay J. Jackson sold 2,031,250 shares of the business’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 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. The trade was a 16.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Matthew Ganovsky sold 156,250 shares of the firm’s 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 transaction, the insider now owns 10,847,047 shares in the company, valued at $86,776,376. This represents a 1.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 36,367 shares of company stock valued at $279,626 and have sold 2,263,300 shares valued at $18,106,400. 79.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ABL. Richard W. Paul & Associates LLC raised its stake 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 worth $394,000 after purchasing an additional 8,454 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Abacus Life in the 2nd quarter worth $106,000. Curi RMB Capital LLC boosted its holdings in shares of Abacus Life by 2.4% in the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after acquiring an additional 12,765 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in shares of Abacus Life during the fourth quarter worth about $110,000. Finally, Franklin Resources Inc. raised its holdings in Abacus Life by 3.6% during 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 in the last quarter.

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.