Abacus Life, Inc. (NASDAQ:ABL) CEO Sells $16,250,000.00 in Stock

Abacus Life, Inc. (NASDAQ:ABL) CEO Jay J. Jackson sold 2,031,250 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the completion of the sale, the chief executive officer now directly owns 10,562,000 shares of the company’s stock, valued at approximately $84,496,000. This trade represents a 16.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Abacus Life Stock Up 1.6 %

Shares of ABL traded up $0.12 during midday trading on Monday, hitting $7.67. 676,565 shares of the company’s stock traded hands, compared to its average volume of 78,176. 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 market capitalization of $572.57 million, a price-to-earnings ratio of -42.61 and a beta of 0.15. Abacus Life, Inc. has a 1 year low of $6.56 and a 1 year high of $13.25. The firm’s fifty day moving average is $9.30 and its 200-day moving average is $9.81.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The company had revenue of $28.15 million during the quarter, compared to analysts’ expectations of $26.08 million. During the same period last year, the business posted $0.01 earnings per share. As a group, sell-side analysts anticipate that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

Institutional Trading of Abacus Life

A number of institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC purchased a new position in Abacus Life in the 2nd quarter worth $106,000. Levin Capital Strategies L.P. acquired a new position in shares of Abacus Life in the second quarter valued at about $130,000. Richard W. Paul & Associates LLC raised its stake 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 worth $263,000 after purchasing an additional 1,401 shares during the last quarter. Quarry LP acquired a new stake in shares of Abacus Life during the second quarter worth about $318,000. Finally, Sei Investments Co. purchased a new stake in Abacus Life in the second quarter valued at approximately $418,000.

Wall Street Analysts Forecast Growth

ABL has been the subject of several recent research reports. B. Riley Financial restated a “buy” rating and issued a $16.00 price target on shares of Abacus Life in a report on Friday, August 30th. Northland Capmk raised Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Northland Securities assumed coverage on Abacus Life in a research report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price target for the company. TD Cowen started coverage on Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective on the stock. Finally, Piper Sandler reiterated an “overweight” rating and issued a $13.00 target price (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $14.70.

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.