B. Riley Has Lowered Expectations for Abacus Life (NASDAQ:ABL) Stock Price

Abacus Life (NASDAQ:ABL) had its price objective lowered by equities research analysts at B. Riley from $17.00 to $15.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price objective would suggest a potential upside of 102.98% from the company’s previous close.

A number of other equities analysts have also commented on ABL. Northland Securities started coverage on Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective on the stock. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $13.00 price objective (up from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Five investment 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.com, the stock presently has an average rating of “Buy” and a consensus price target of $14.30.

Abacus Life Price Performance

NASDAQ ABL opened at $7.39 on Tuesday. Abacus Life has a fifty-two week low of $7.07 and a fifty-two week high of $13.25. The stock’s 50-day moving average is $8.06 and its two-hundred day moving average is $9.10. 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 firm has a market cap of $625.78 million, a P/E ratio of -41.05 and a beta of 0.14.

Abacus Life (NASDAQ:ABL) last posted its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The company had revenue of $28.15 million for the quarter, compared to analyst estimates of $26.08 million. During the same period last year, the company earned $0.01 earnings per share. On average, analysts anticipate that Abacus Life will post 0.64 earnings per share for the current fiscal year.

Insider Activity at Abacus Life

In other news, CEO Jay J. Jackson sold 2,031,250 shares of the business’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 transaction, the chief executive officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Ganovsky sold 156,250 shares of the business’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 $1,250,000.00. Following the completion of the transaction, the insider now directly owns 10,847,047 shares in the company, valued at $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 three months, insiders have bought 36,367 shares of company stock worth $279,626 and have sold 2,263,300 shares worth $18,106,400. Corporate insiders own 79.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its position in Abacus Life by 7.9% in 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 during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Abacus Life during the 2nd quarter valued at $5,190,000. Curi RMB Capital LLC raised its position in shares of Abacus Life by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after acquiring an additional 12,765 shares during the last quarter. Mendon Capital Advisors Corp bought a new stake in shares of Abacus Life during the 2nd quarter valued at $4,974,000. Finally, Clearbridge Investments LLC bought a new stake in shares of Abacus Life during the 2nd quarter valued at $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.