Abacus Life, Inc. (NASDAQ:ABL) Receives $14.70 Average Price Target from Brokerages

Abacus Life, Inc. (NASDAQ:ABL) has been assigned a consensus rating of “Buy” from the six research firms that are presently covering the stock, 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 twelve-month price objective among analysts that have issued a report on the stock in the last year is $14.30.

A number of research analysts have recently commented on ABL shares. Northland Securities began coverage on shares of Abacus Life in a research report on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price on the stock. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. B. Riley cut their price target on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Finally, Piper Sandler restated an “overweight” rating and set a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th.

Insiders Place Their Bets

In related news, CEO Jay J. Jackson sold 2,031,250 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Matthew Ganovsky sold 156,250 shares of the company’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 transaction, the insider now owns 10,847,047 shares of the company’s stock, valued at approximately $86,776,376. The trade was a 1.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 36,367 shares of company stock valued at $279,626 and sold 2,263,300 shares valued at $18,106,400. 79.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Abacus Life

Several institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new position in Abacus Life during the 2nd quarter valued at about $106,000. Levin Capital Strategies L.P. acquired a new position in shares of Abacus Life during the second quarter worth approximately $130,000. Quarry LP bought a new position in Abacus Life in the 2nd quarter worth approximately $318,000. Richard W. Paul & Associates LLC increased its position in Abacus Life by 27.8% in the 3rd quarter. Richard W. Paul & Associates LLC now owns 38,902 shares of the company’s stock valued at $394,000 after acquiring an additional 8,454 shares during the period. Finally, Sei Investments Co. bought a new stake in Abacus Life during the 2nd quarter valued at $418,000.

Abacus Life Price Performance

Abacus Life stock opened at $6.92 on Tuesday. The firm has a fifty day moving average of $8.00 and a 200-day moving average of $9.08. Abacus Life has a 52-week low of $6.83 and a 52-week high of $13.25. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $585.98 million, a P/E ratio of -38.44 and a beta of 0.14.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. During the same period in the prior year, the firm earned $0.01 EPS. As a group, analysts predict that Abacus Life will post 0.64 EPS for the current year.

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.