Abacus Life (NASDAQ:ABL) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Abacus Life, Inc. (NASDAQ:ABL) saw strong trading volume on Monday . 191,259 shares traded hands during mid-day trading, an increase of 48% from the previous session’s volume of 129,443 shares.The stock last traded at $7.91 and had previously closed at $7.62.

Wall Street Analysts Forecast Growth

Separately, B. Riley dropped their price target on Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $14.30.

Abacus Life Trading Up 1.6 %

The firm has a 50-day moving average of $7.59 and a two-hundred day moving average of $8.45. The firm has a market capitalization of $748.42 million, a P/E ratio of -43.16 and a beta of 0.14. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65.

Insiders Place Their Bets

In other Abacus Life news, insider Sean Mcnealy sold 75,800 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $98,892,000. This represents a 0.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 79.20% of the company’s stock.

Institutional Trading of Abacus Life

Several hedge funds and other institutional investors have recently made changes to their positions in ABL. Alyeska Investment Group L.P. increased its stake in shares of Abacus Life by 116.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company’s stock valued at $19,894,000 after buying an additional 1,367,210 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Abacus Life by 23.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company’s stock valued at $10,830,000 after buying an additional 263,036 shares during the period. Royce & Associates LP increased its stake in shares of Abacus Life by 339.9% in the fourth quarter. Royce & Associates LP now owns 1,306,431 shares of the company’s stock valued at $10,229,000 after buying an additional 1,009,431 shares during the period. Mendon Capital Advisors Corp increased its stake in shares of Abacus Life by 137.1% in the fourth quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company’s stock valued at $10,209,000 after buying an additional 753,826 shares during the period. Finally, Curi RMB Capital LLC increased its stake in shares of Abacus Life by 110.7% in the fourth quarter. Curi RMB Capital LLC now owns 1,159,000 shares of the company’s stock valued at $9,075,000 after buying an additional 609,000 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.