Short Interest in Abacus Life, Inc. (NASDAQ:ABL) Decreases By 20.7%

Abacus Life, Inc. (NASDAQ:ABL) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 587,800 shares, a drop of 20.7% from the November 15th total of 741,400 shares. Based on an average daily trading volume, of 175,300 shares, the short-interest ratio is presently 3.4 days. Currently, 3.1% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ABL. B. Riley Financial restated a “buy” rating and set a $16.00 price target on shares of Abacus Life in a research note on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $13.00 target price (up previously from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Northland Securities assumed coverage on shares of Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price target for the company. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Finally, B. Riley raised their target price on Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Five 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 stock presently has an average rating of “Buy” and an average target price of $14.70.

Insider Activity

In other news, 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 completion of the sale, the chief executive officer now owns 10,562,000 shares in the company, valued at approximately $84,496,000. This 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 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 $1,250,000.00. Following the completion of the sale, the insider now directly owns 10,847,047 shares of the company’s stock, valued at $86,776,376. The trade was a 1.42 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 26,367 shares of company stock worth $202,036. Corporate insiders own 79.20% of the company’s stock.

Institutional Investors Weigh In On Abacus Life

Hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in shares of Abacus Life during the 2nd quarter valued at about $106,000. Levin Capital Strategies L.P. purchased a new stake in shares of Abacus Life in the second quarter valued at approximately $130,000. Richard W. Paul & Associates LLC increased its position in shares of Abacus Life by 4.8% in the second quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock valued at $263,000 after buying an additional 1,401 shares in the last quarter. Quarry LP acquired a new position in shares of Abacus Life during the 2nd quarter worth approximately $318,000. Finally, Sei Investments Co. purchased a new position in shares of Abacus Life during the 2nd quarter valued at approximately $418,000.

Abacus Life Trading Down 0.4 %

NASDAQ ABL opened at $7.89 on Friday. Abacus Life has a 1 year low of $7.07 and a 1 year high of $13.25. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The company has a market capitalization of $668.12 million, a PE ratio of -43.83 and a beta of 0.13. The company has a fifty day moving average of $8.70 and a 200 day moving average of $9.49.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data 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 business had revenue of $28.15 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the firm posted $0.01 EPS. Research analysts forecast that Abacus Life will post 0.64 earnings per share 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.