Insider Selling: Abacus Life, Inc. (NASDAQ:ABL) Insider Sells $1,250,000.00 in Stock

Abacus Life, Inc. (NASDAQ:ABL) insider Matthew Ganovsky sold 156,250 shares of the 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 $86,776,376. The trade was a 1.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Abacus Life Stock Up 3.3 %

Shares of NASDAQ ABL opened at $8.08 on Thursday. The stock has a market capitalization of $603.17 million, a price-to-earnings ratio of -43.44 and a beta of 0.15. Abacus Life, Inc. has a 52 week low of $6.56 and a 52 week high of $13.25. The firm has a 50-day moving average price of $9.22 and a 200 day moving average price of $9.75. 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 issued its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. The firm had revenue of $28.15 million during the quarter, compared to analysts’ expectations 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 firm posted $0.01 earnings per share. Equities research analysts anticipate that Abacus Life, Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on ABL. Northland Securities assumed coverage on shares of Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective on the stock. TD Cowen began coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price objective on the stock. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. 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. Finally, B. Riley increased their price target on shares of Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Abacus Life has an average rating of “Buy” and an average target price of $14.70.

Institutional Investors Weigh In On Abacus Life

Several institutional investors and hedge funds have recently made changes to their positions in ABL. Renaissance Technologies LLC purchased a new position in Abacus Life during the 2nd quarter valued at about $106,000. Levin Capital Strategies L.P. purchased a new position in shares of Abacus Life during the 2nd quarter worth approximately $130,000. Richard W. Paul & Associates LLC raised its position in shares of Abacus Life by 4.8% during the 2nd 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 stake in Abacus Life in the 2nd quarter valued at approximately $318,000. Finally, Sei Investments Co. acquired a new stake in Abacus Life during the 2nd quarter valued at $418,000.

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.