Abacus Life (NASDAQ:ABL) Price Target Raised to $17.00

Abacus Life (NASDAQ:ABL) had its price target increased by B. Riley from $16.00 to $17.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. 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. TD Cowen began coverage on Abacus Life in a research report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price target for the company. Northland Securities started coverage on Abacus Life in a research report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price objective on the stock. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Finally, B. Riley Financial reissued a “buy” rating and set a $16.00 price target on shares of Abacus Life in a research report on Friday, August 30th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Abacus Life has a consensus rating of “Buy” and an average target price of $14.70.

Abacus Life Price Performance

Shares of ABL stock opened at $7.67 on Monday. Abacus Life has a twelve month low of $6.56 and a twelve month high of $13.25. 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 fifty day simple moving average of $9.30 and a two-hundred day simple moving average of $9.81. The stock has a market capitalization of $572.57 million, a price-to-earnings ratio of -42.61 and a beta of 0.15.

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 analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $28.15 million during the quarter, compared to analyst estimates of $26.08 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. During the same period in the prior year, the firm earned $0.01 earnings per share. On average, analysts predict that Abacus Life will post 0.62 EPS for the current fiscal year.

Insider Transactions at Abacus Life

In related news, insider Matthew Ganovsky sold 156,250 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 10,847,047 shares in the company, valued at $86,776,376. This trade represents a 1.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 10,562,000 shares in the company, valued at approximately $84,496,000. The trade was a 16.13 % decrease in their position. The disclosure for this sale can be found here. Insiders own 79.20% of the company’s stock.

Institutional Investors Weigh In On Abacus Life

A number of institutional investors and hedge funds have recently modified their holdings of ABL. Renaissance Technologies LLC purchased a new position in Abacus Life during the 2nd quarter worth approximately $106,000. Levin Capital Strategies L.P. acquired a new stake in shares of Abacus Life in the second quarter worth $130,000. Richard W. Paul & Associates LLC raised its holdings in shares of Abacus Life by 4.8% during the second quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after purchasing an additional 1,401 shares during the last quarter. Quarry LP purchased a new position in shares of Abacus Life during the second quarter worth $318,000. Finally, Sei Investments Co. acquired a new position in Abacus Life during the second quarter valued at $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.