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

Abacus Life, Inc. (NASDAQ:ABL) dropped 2.9% on Tuesday following insider selling activity. The stock traded as low as $7.56 and last traded at $7.57. Approximately 62,507 shares traded hands during trading, a decline of 34% from the average daily 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 that occurred 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 transaction, the insider now directly owns 12,361,500 shares in the company, valued at approximately $98,892,000. This represents a 0.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

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

Abacus Life Stock Performance

The business’s fifty day moving average price is $8.41 and its 200-day moving average price is $9.29. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market capitalization of $638.48 million, a PE ratio of -41.89 and a beta of 0.13.

Abacus Life (NASDAQ:ABL) last posted its earnings results on Thursday, November 7th. The company reported $0.20 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $26.08 million. During the same period in the previous year, the business earned $0.01 earnings per share. As a group, equities research analysts expect that Abacus Life, Inc. will post 0.64 EPS for the current year.

Institutional Trading of Abacus Life

Institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in Abacus Life by 7.9% in the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after buying an additional 74,172 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Abacus Life by 3.6% in the third quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock worth $4,382,000 after purchasing an additional 15,308 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Abacus Life by 439.6% in the third quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock worth $1,741,000 after buying an additional 140,054 shares during the period. Charles Schwab Investment Management Inc. purchased a new stake in Abacus Life during the 3rd quarter valued at $614,000. Finally, Royce & Associates LP boosted its position in Abacus Life by 35.0% during the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock valued at $3,006,000 after buying an additional 77,000 shares during the period.

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.