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

Shares of Abacus Life, Inc. (NASDAQ:ABL) have been assigned an average rating of “Buy” from the six ratings firms that are presently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $14.30.

A number of equities research analysts recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $13.00 target price (up from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. B. Riley lowered their target price on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th.

Abacus Life Trading Down 3.3 %

Shares of ABL opened at $7.55 on Wednesday. The firm’s 50 day simple moving average is $7.64 and its 200 day simple moving average is $8.63. The company has a market capitalization of $729.67 million, a P/E ratio of -41.94 and a beta of 0.14. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. Abacus Life has a 1-year low of $6.75 and a 1-year high of $12.65.

Insiders Place Their Bets

In other Abacus Life news, insider Sean Mcnealy sold 75,800 shares of Abacus Life stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $8.00, for a total transaction of $606,400.00. Following the transaction, the insider now directly owns 12,361,500 shares of the company’s stock, valued at approximately $98,892,000. This trade represents a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Adam Samuel Gusky purchased 6,000 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were acquired at an average cost of $7.94 per share, for a total transaction of $47,640.00. Following the completion of the purchase, the director now directly owns 49,085 shares of the company’s stock, valued at approximately $389,734.90. This represents a 13.93 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 18,126 shares of company stock valued at $142,089. 79.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ABL. Principal Financial Group Inc. grew its holdings in shares of Abacus Life by 7.9% in the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after purchasing an additional 74,172 shares during the last quarter. Curi RMB Capital LLC grew 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 worth $5,566,000 after purchasing an additional 12,765 shares during the last quarter. Royce & Associates LP grew its holdings in shares of Abacus Life by 35.0% in the third quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after purchasing an additional 77,000 shares during the last quarter. Charles Schwab Investment Management Inc. bought a new position in shares of Abacus Life in the third quarter worth approximately $614,000. Finally, Geode Capital Management LLC grew its holdings in shares of Abacus Life by 439.6% in the third quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock worth $1,741,000 after purchasing an additional 140,054 shares during 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.