Short Interest in Abacus Life, Inc. (NASDAQ:ABL) Declines By 34.1%

Abacus Life, Inc. (NASDAQ:ABL) was the target of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 496,500 shares, a drop of 34.1% from the February 13th total of 752,900 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average daily trading volume, of 216,400 shares, the days-to-cover ratio is presently 2.3 days.

Analysts Set New Price Targets

Separately, B. Riley cut their price target on Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $14.30.

Insider Buying and Selling

In other Abacus Life news, insider Sean Mcnealy sold 75,800 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $8.00, for a total transaction of $606,400.00. Following the transaction, the insider now owns 12,361,500 shares of the company’s stock, valued at $98,892,000. The trade was a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Adam Samuel Gusky purchased 7,000 shares of the stock in a transaction on Monday, December 16th. The shares were acquired at an average cost of $7.72 per share, for a total transaction of $54,040.00. Following the transaction, the director now owns 59,085 shares of the company’s stock, valued at approximately $456,136.20. The trade was a 13.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 79.20% of the stock is currently owned by company insiders.

Institutional Trading of Abacus Life

A number of large investors have recently bought and sold shares of ABL. Geneos Wealth Management Inc. acquired a new stake in shares of Abacus Life in the 4th quarter valued at about $110,000. Squarepoint Ops LLC acquired a new stake in shares of Abacus Life in the 4th quarter valued at about $113,000. JPMorgan Chase & Co. lifted its position in Abacus Life by 640.9% in the 4th quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company’s stock valued at $131,000 after acquiring an additional 14,420 shares in the last quarter. LPL Financial LLC lifted its position in Abacus Life by 31.0% in the 4th quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock valued at $182,000 after acquiring an additional 5,507 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Abacus Life in the 4th quarter valued at about $193,000.

Abacus Life Stock Performance

NASDAQ ABL opened at $7.62 on Friday. The company has a market capitalization of $736.43 million, a price-to-earnings ratio of -42.33 and a beta of 0.14. Abacus Life has a twelve month low of $6.75 and a twelve month high of $12.65. The stock has a fifty day simple moving average of $7.60 and a 200 day simple moving average of $8.50. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

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.