Abacus Life (NASDAQ:ABL) Stock Price Down 2.9% on Insider Selling

Abacus Life, Inc. (NASDAQ:ABL)’s stock price fell 2.9% on Tuesday after an insider sold shares in the company. The stock traded as low as $7.56 and last traded at $7.57. 62,507 shares changed hands during trading, a decline of 34% from the average session volume of 94,066 shares. The stock had previously closed at $7.80.

Specifically, insider Sean Mcnealy sold 75,800 shares of the stock in a transaction 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 sale, the insider now owns 12,361,500 shares of the company’s stock, valued at $98,892,000. This trade represents a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

Several research firms have recently issued reports on ABL. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. B. Riley increased their price objective on shares of Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Piper Sandler reaffirmed an “overweight” rating and set a $13.00 price target (up previously from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. B. Riley Financial reiterated a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. Finally, Northland Securities assumed coverage on Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price for the company. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Abacus Life presently has a consensus rating of “Buy” and a consensus target price of $14.70.

Abacus Life Price Performance

The firm has a market capitalization of $638.48 million, a price-to-earnings ratio of -41.89 and a beta of 0.13. 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 business has a 50-day moving average price of $8.37 and a two-hundred day moving average price of $9.27.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings results 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. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The company had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. During the same quarter in the previous year, the company posted $0.01 earnings per share. As a group, research analysts forecast that Abacus Life, Inc. will post 0.64 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Evernest Financial Advisors LLC bought a new stake in Abacus Life during the third quarter worth approximately $681,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Abacus Life during the third quarter valued at $614,000. Principal Financial Group Inc. raised its position in Abacus Life by 7.9% during the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after buying an additional 74,172 shares during the period. Royce & Associates LP lifted its stake in Abacus Life by 35.0% in the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after acquiring an additional 77,000 shares in the last quarter. Finally, Mendon Capital Advisors Corp acquired a new stake in Abacus Life during the 2nd quarter worth about $4,974,000.

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.