Abacus Life, Inc. (NASDAQ:ABL) Given Average Recommendation of “Buy” by Analysts

Abacus Life, Inc. (NASDAQ:ABL) has received a consensus rating of “Buy” from the six research firms that are currently covering the stock, Marketbeat reports. Five analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $14.70.

ABL has been the topic of several research analyst reports. B. Riley upped 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, November 25th. B. Riley Financial reaffirmed a “buy” rating and set a $16.00 price target on shares of Abacus Life in a research report on Friday, August 30th. Northland Capmk raised 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 report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price objective on the stock. Finally, Piper Sandler reiterated an “overweight” rating and issued a $13.00 target price (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th.

Abacus Life Stock Down 0.4 %

Shares of NASDAQ:ABL opened at $7.89 on Friday. Abacus Life has a 1 year low of $7.07 and a 1 year high of $13.25. The company has a market capitalization of $668.12 million, a PE ratio of -43.83 and a beta of 0.13. The business has a fifty day moving average price of $8.70 and a two-hundred day moving average price of $9.49. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. During the same quarter last year, the company posted $0.01 earnings per share. Analysts forecast that Abacus Life will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Matthew Ganovsky sold 156,250 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were 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 directly owns 10,847,047 shares in the company, valued at approximately $86,776,376. The trade was a 1.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Adam Samuel Gusky bought 6,000 shares of Abacus Life stock in a transaction that occurred on Monday, December 9th. The stock was purchased at an average cost of $7.94 per share, for a total transaction of $47,640.00. Following the purchase, the director now owns 49,085 shares of the company’s stock, valued at $389,734.90. The trade was a 13.93 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 26,367 shares of company stock worth $202,036. 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 modified their holdings of the company. Renaissance Technologies LLC purchased a new stake in Abacus Life during the second quarter valued at about $106,000. Levin Capital Strategies L.P. purchased a new position in shares of Abacus Life in the second quarter valued at about $130,000. Richard W. Paul & Associates LLC lifted its holdings in Abacus Life by 4.8% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after buying an additional 1,401 shares during the period. Quarry LP purchased a new position in shares of Abacus Life during the second quarter valued at approximately $318,000. Finally, Sei Investments Co. purchased a new stake in Abacus Life in the second 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.