Abacus Life (NASDAQ:ABL) Sees Strong Trading Volume Following Analyst Upgrade

Abacus Life, Inc. (NASDAQ:ABL) shares saw unusually-high trading volume on Monday after B. Riley raised their price target on the stock from $16.00 to $17.00. B. Riley currently has a buy rating on the stock. Approximately 58,908 shares were traded during trading, a decline of 22% from the previous session’s volume of 75,467 shares.The stock last traded at $7.76 and had previously closed at $7.55.

Several other brokerages have also recently commented on ABL. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Northland Securities started coverage on shares of Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price objective for the company. 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 report on Friday, November 8th. TD Cowen started coverage on shares of Abacus Life in a report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective for the company. Finally, B. Riley Financial restated a “buy” rating and set a $16.00 price objective on shares of Abacus Life in a report on Friday, August 30th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $14.70.

Insider Buying and Selling at Abacus Life

In related news, insider Matthew Ganovsky sold 156,250 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the insider now owns 10,847,047 shares in the company, valued at approximately $86,776,376. This represents a 1.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jay J. Jackson sold 2,031,250 shares of the stock in a transaction on 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 transaction, the chief executive officer now owns 10,562,000 shares of the company’s stock, valued at $84,496,000. The trade was a 16.13 % decrease in their position. The disclosure for this sale can be found here. Insiders own 79.20% of the company’s stock.

Institutional Trading of Abacus Life

A number of large investors have recently added to or reduced their stakes in ABL. Renaissance Technologies LLC acquired a new stake in Abacus Life in the second quarter valued at $106,000. Levin Capital Strategies L.P. acquired a new stake in shares of Abacus Life during the 2nd quarter worth about $130,000. Richard W. Paul & Associates LLC lifted its stake in shares of Abacus Life by 4.8% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after buying an additional 1,401 shares during the last quarter. Quarry LP acquired a new stake in shares of Abacus Life during the 2nd quarter worth about $318,000. Finally, Sei Investments Co. acquired a new stake in shares of Abacus Life during the 2nd quarter worth about $418,000.

Abacus Life Trading Up 1.6 %

The business’s 50 day moving average price is $9.30 and its 200-day moving average price is $9.81. 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 company has a market cap of $572.57 million, a price-to-earnings ratio of -42.61 and a beta of 0.15.

Abacus Life (NASDAQ:ABL) last posted its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $28.15 million during the quarter, compared to analysts’ expectations 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 company posted $0.01 EPS. On average, equities analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current fiscal 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.