B. Riley Forecasts Strong Price Appreciation for Abacus Life (NASDAQ:ABL) Stock

Abacus Life (NASDAQ:ABL) had its price objective increased by investment analysts at B. Riley from $16.00 to $17.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s target price points to a potential upside of 117.39% from the stock’s previous close. B. Riley also issued estimates for Abacus Life’s Q4 2024 earnings at $0.18 EPS and FY2024 earnings at $0.66 EPS.

Other analysts have also recently issued research reports about the stock. Piper Sandler reiterated an “overweight” rating and issued a $13.00 price target (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. TD Cowen assumed coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price target on the stock. Northland Securities initiated coverage on shares of Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective for the company. Finally, B. Riley Financial reiterated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $14.70.

Abacus Life Trading Up 2.0 %

Shares of ABL stock opened at $7.82 on Monday. 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 cap of $583.77 million, a P/E ratio of -43.83 and a beta of 0.15. The business has a 50-day moving average price of $9.26 and a two-hundred day moving average price of $9.78. Abacus Life has a 12-month low of $6.56 and a 12-month high of $13.25.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $28.15 million for the quarter, compared to analysts’ expectations of $26.08 million. During the same period last year, the firm earned $0.01 earnings per share. Equities analysts anticipate that Abacus Life will post 0.62 EPS for the current fiscal year.

Insider Buying and Selling at Abacus Life

In other Abacus Life news, insider Matthew Ganovsky sold 156,250 shares of the firm’s stock in a transaction dated 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 directly owns 10,847,047 shares of the company’s stock, valued at approximately $86,776,376. This trade represents a 1.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jay J. Jackson sold 2,031,250 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the sale, 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 disclosure for this sale can be found here. Company insiders own 79.20% of the company’s stock.

Hedge Funds Weigh In On Abacus Life

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC bought a new stake in Abacus Life during the 2nd quarter worth approximately $106,000. Levin Capital Strategies L.P. purchased a new stake in shares of Abacus Life in the second quarter worth $130,000. Richard W. Paul & Associates LLC raised its position 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 valued at $263,000 after purchasing an additional 1,401 shares during the period. Quarry LP bought a new position in Abacus Life in the 2nd quarter worth $318,000. Finally, Sei Investments Co. purchased a new stake in Abacus Life in the 2nd quarter worth $418,000.

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.