Insider Buying: Abacus Life, Inc. (NASDAQ:ABL) Director Buys 18,241 Shares of Stock

Abacus Life, Inc. (NASDAQ:ABL) Director Adam Samuel Gusky bought 18,241 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was bought at an average price of $7.54 per share, with a total value of $137,537.14. Following the completion of the purchase, the director now owns 40,959 shares of the company’s stock, valued at $308,830.86. This trade represents a 80.29 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Abacus Life Stock Performance

Shares of ABL opened at $8.18 on Friday. The firm has a market capitalization of $692.68 million, a PE ratio of -44.89 and a beta of 0.15. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average price of $9.14 and a 200 day moving average price of $9.73. Abacus Life, Inc. has a 52-week low of $6.56 and a 52-week high of $13.25.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $26.08 million. During the same period last year, the firm posted $0.01 earnings per share. On average, sell-side analysts anticipate that Abacus Life, Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. TD Cowen assumed coverage on Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective for the company. Northland Securities started coverage on shares of Abacus Life in a research report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target for the company. B. Riley lifted their price objective on shares of Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Piper Sandler reissued an “overweight” rating and set a $13.00 target price (up from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Finally, B. Riley Financial restated a “buy” rating and issued a $16.00 price target on shares of Abacus Life in a research note on Friday, August 30th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Abacus Life presently has an average rating of “Buy” and a consensus price target of $14.70.

Hedge Funds Weigh In On Abacus Life

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