Abacus Life (NASDAQ:ABL) Sees Strong Trading Volume After Analyst Upgrade

Abacus Life, Inc. (NASDAQ:ABL) saw an uptick in trading volume on Monday after B. Riley raised their price target on the stock from $16.00 to $17.00. B. Riley currently has a buy rating on the stock. 58,908 shares were traded during trading, a decline of 22% from the previous session’s volume of 75,467 shares.The stock last traded at $7.76 and had previously closed at $7.55.

ABL has been the topic of a number of other reports. B. Riley Financial reissued a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a research report on Friday, August 30th. Northland Securities started coverage on shares of Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target on the stock. TD Cowen initiated coverage on Abacus Life in a report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective on the stock. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Finally, Piper Sandler reissued an “overweight” rating and issued a $13.00 target price (up from $12.00) on shares of Abacus Life in a research 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. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $14.70.

Insider Buying and Selling

In other news, insider Matthew Ganovsky sold 156,250 shares of the firm’s stock in a transaction 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 owns 10,847,047 shares in the company, valued at $86,776,376. This trade represents a 1.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the completion of the sale, the chief executive officer now owns 10,562,000 shares in the company, valued at $84,496,000. This represents a 16.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 79.20% of the company’s stock.

Hedge Funds Weigh In On Abacus Life

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Abacus Life during the second quarter valued at $9,909,000. Principal Financial Group Inc. grew its holdings 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 valued at $10,233,000 after buying an additional 74,172 shares during the period. Point72 Asset Management L.P. purchased a new stake in Abacus Life in the second quarter valued at approximately $5,190,000. Curi RMB Capital LLC grew its holdings in Abacus Life by 2.4% in the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after purchasing an additional 12,765 shares during the period. Finally, Mendon Capital Advisors Corp acquired a new position in Abacus Life during the second quarter worth approximately $4,974,000.

Abacus Life Stock Performance

The stock’s 50 day simple moving average is $9.26 and its two-hundred day simple moving average is $9.78. The company has a market cap of $583.77 million, a PE ratio of -43.83 and a beta of 0.15. 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 earnings results on Thursday, November 7th. The company reported $0.20 earnings per share 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 quarter last year, the firm earned $0.01 earnings per share. As a group, research analysts anticipate that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

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.