Abacus Life (NASDAQ:ABL) Hits New 12-Month Low – What’s Next?

Abacus Life, Inc. (NASDAQ:ABL) shares hit a new 52-week low on Friday . The company 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.

Analysts Set New Price Targets

ABL has been the subject of several research reports. Piper Sandler restated an “overweight” rating and set a $13.00 price target (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Northland Securities initiated coverage on Abacus Life in a research report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price objective for the company. B. Riley lowered their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Northland Capmk raised Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Five research 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.com, Abacus Life currently has an average rating of “Buy” and a consensus price target of $14.30.

Abacus Life Trading Down 4.9 %

The firm has a market cap of $595.30 million, a P/E ratio of -39.05 and a beta of 0.13. The company’s fifty day moving average price is $8.03 and its two-hundred day moving average price is $9.09. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The company had revenue of $28.15 million during 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 last year, the business posted $0.01 earnings per share. As a group, sell-side analysts predict that Abacus Life, Inc. will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling at Abacus Life

In other Abacus Life news, Director Adam Samuel Gusky bought 18,241 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was bought at an average price of $7.54 per share, for a total transaction of $137,537.14. Following the transaction, the director now owns 40,959 shares of the company’s stock, valued at approximately $308,830.86. The trade was a 80.29 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jay J. Jackson sold 2,031,250 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 $16,250,000.00. Following the completion of the transaction, the chief executive officer now owns 10,562,000 shares in the company, valued at $84,496,000. This represents a 16.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 36,367 shares of company stock worth $279,626 and sold 2,263,300 shares worth $18,106,400. Corporate insiders own 79.20% of the company’s stock.

Institutional Investors Weigh In On Abacus Life

Large investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in Abacus Life by 7.9% during the 3rd 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 in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Abacus Life in the second quarter valued at approximately $5,190,000. Curi RMB Capital LLC increased its position in shares of 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 acquired a new stake in shares of Abacus Life during the second quarter worth $4,974,000. Finally, Clearbridge Investments LLC acquired a new stake in shares of Abacus Life during the second quarter worth $4,342,000.

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.