Abacus Life (NASDAQ:ABL) Trading Up 3.6% – Still a Buy?

Abacus Life, Inc. (NASDAQ:ABL)’s stock price rose 3.6% during mid-day trading on Thursday . The company traded as high as $7.74 and last traded at $7.91. Approximately 7,752 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 217,416 shares. The stock had previously closed at $7.63.

Analyst Ratings Changes

Several research firms have weighed in on ABL. Northland Securities started coverage on Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price on the stock. B. Riley reduced their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Northland Capmk upgraded 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 price objective (up from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $14.30.

Abacus Life Trading Up 3.8 %

The stock has a fifty day simple moving average of $7.78 and a 200-day simple moving average of $8.99. 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 announced its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $28.15 million for 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 quarter in the previous year, the firm posted $0.01 earnings per share. Research analysts expect that Abacus Life, Inc. 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 directly owns 10,847,047 shares of the company’s stock, valued at $86,776,376. This trade represents a 1.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Adam Samuel Gusky purchased 18,241 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were acquired at an average price of $7.54 per share, for a total transaction of $137,537.14. Following the purchase, the director now directly owns 40,959 shares of the company’s stock, valued at approximately $308,830.86. This represents a 80.29 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 36,367 shares of company stock worth $279,626 and have sold 2,263,300 shares worth $18,106,400. Insiders own 79.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its stake in shares of Abacus Life by 7.9% in the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after purchasing an additional 74,172 shares during the period. Point72 Asset Management L.P. bought a new stake in Abacus Life in the second quarter valued at $5,190,000. Curi RMB Capital LLC raised its stake in Abacus Life by 2.4% during the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after acquiring an additional 12,765 shares in the last quarter. Mendon Capital Advisors Corp bought a new position in shares of Abacus Life during the second quarter valued at $4,974,000. Finally, Clearbridge Investments LLC acquired a new stake in shares of Abacus Life in the 2nd quarter valued at $4,342,000.

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.