Abacus Life (NASDAQ:ABL) Reaches New 52-Week Low – Here’s What Happened

Abacus Life, Inc. (NASDAQ:ABL)’s share price hit a new 52-week low during trading on Friday . The stock traded as low as $6.98 and last traded at $7.08, with a volume of 133771 shares changing hands. The stock had previously closed at $7.39.

Analyst Ratings Changes

Several analysts recently issued reports on ABL shares. B. Riley cut their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Piper Sandler reaffirmed an “overweight” rating and set a $13.00 price objective (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Finally, Northland Securities assumed coverage on shares of Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price for the company. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Abacus Life has an average rating of “Buy” and a consensus target price of $14.30.

Abacus Life Price Performance

The company has a market cap of $585.98 million, a P/E ratio of -38.44 and a beta of 0.14. The firm’s 50-day moving average is $8.00 and its two-hundred day moving average is $9.08. 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 (NASDAQ:ABL) last posted its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $28.15 million for the quarter, compared to the consensus estimate of $26.08 million. During the same period in the previous year, the firm posted $0.01 EPS. Analysts anticipate that Abacus Life, Inc. will post 0.64 earnings per share for the current year.

Insider Activity

In other news, Director Adam Samuel Gusky acquired 18,241 shares of Abacus Life stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average cost of $7.54 per share, with a total value of $137,537.14. Following the transaction, the director now directly owns 40,959 shares of the company’s stock, valued at $308,830.86. This trade represents a 80.29 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jay J. Jackson sold 2,031,250 shares of the business’s 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 $16,250,000.00. Following the transaction, the chief executive officer now owns 10,562,000 shares of the company’s stock, valued at $84,496,000. This trade represents a 16.13 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 36,367 shares of company stock valued at $279,626 and sold 2,263,300 shares valued at $18,106,400. Corporate insiders own 79.20% of the company’s stock.

Institutional Investors Weigh In On Abacus Life

A number of institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. increased its stake in 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 period. Franklin Resources Inc. grew its holdings in shares of Abacus Life by 3.6% in the third quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock worth $4,382,000 after purchasing an additional 15,308 shares during the last quarter. Geode Capital Management LLC increased its stake in Abacus Life by 439.6% in the 3rd quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock worth $1,741,000 after buying an additional 140,054 shares during the period. Charles Schwab Investment Management Inc. bought a new stake in Abacus Life during the 3rd quarter valued at about $614,000. Finally, Royce & Associates LP boosted its position in Abacus Life by 35.0% in the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock valued at $3,006,000 after buying an additional 77,000 shares during the period.

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.