Abacus Life, Inc. (NASDAQ:ABL) Insider Sells $606,400.00 in Stock

Abacus Life, Inc. (NASDAQ:ABL) 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 value of $606,400.00. Following the completion of the transaction, the insider now owns 12,361,500 shares in the company, valued at approximately $98,892,000. This represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Abacus Life Price Performance

Abacus Life stock opened at $7.54 on Thursday. Abacus Life, Inc. has a 52 week low of $7.07 and a 52 week high of $13.25. The company’s 50 day moving average price is $8.32 and its two-hundred day moving average price is $9.26. The stock has a market cap of $638.48 million, a P/E ratio of -41.89 and a beta of 0.13. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.20 EPS for the quarter, topping 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 business 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 posted $0.01 earnings per share. On average, equities analysts predict that Abacus Life, Inc. will post 0.64 earnings per share for the current year.

Hedge Funds Weigh In On Abacus Life

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new stake in shares of Abacus Life in the 2nd quarter worth approximately $9,909,000. Principal Financial Group Inc. purchased a new stake in Abacus Life in the second quarter worth $8,105,000. Stieven Capital Advisors L.P. bought a new stake in shares of Abacus Life in the second quarter valued at $2,811,000. Levin Capital Strategies L.P. purchased a new position in shares of Abacus Life during the 2nd quarter valued at $130,000. Finally, Renaissance Technologies LLC bought a new position in shares of Abacus Life during the 2nd quarter worth $106,000.

Analysts Set New Price Targets

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

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.