Abacus Life, Inc. (NASDAQ:ABL) Insider Matthew Ganovsky Sells 156,250 Shares

Abacus Life, Inc. (NASDAQ:ABL) insider Matthew Ganovsky sold 156,250 shares of the firm’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 transaction of $1,250,000.00. Following the transaction, the insider now directly owns 10,847,047 shares of the company’s stock, valued at $86,776,376. This represents a 1.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Abacus Life Price Performance

NASDAQ:ABL opened at $7.67 on Tuesday. The stock has a 50 day moving average of $9.30 and a two-hundred day moving average of $9.81. Abacus Life, Inc. has a 12 month low of $6.56 and a 12 month high of $13.25. The firm has a market cap of $572.57 million, a P/E ratio of -42.61 and a beta of 0.15. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings results 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 business had revenue of $28.15 million during the quarter, compared to analyst estimates of $26.08 million. During the same period in the prior year, the business earned $0.01 earnings per share. On average, analysts expect that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Trading of Abacus Life

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

Analyst Ratings Changes

Several brokerages recently issued reports on ABL. Northland Securities began coverage on shares of Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price for the company. B. Riley lifted their price objective on Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. TD Cowen began coverage on Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price target for the company. Finally, Piper Sandler reissued an “overweight” rating and issued a $13.00 price target (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Abacus Life currently has a consensus rating of “Buy” and a consensus target price of $14.70.

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.