Abacus Life (NASDAQ:ABL) Sees Strong Trading Volume – What’s Next?

Abacus Life, Inc. (NASDAQ:ABL) shares saw an uptick in trading volume on Monday . 89,973 shares changed hands during trading, an increase of 2% from the previous session’s volume of 87,845 shares.The stock last traded at $7.95 and had previously closed at $7.90.

Analyst Upgrades and Downgrades

ABL has been the topic of a number of research reports. Northland Securities initiated coverage on shares of Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price on the stock. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Piper Sandler reissued an “overweight” rating and set a $13.00 price objective (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Finally, B. Riley increased their target price on shares of Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 25th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $14.70.

Abacus Life Trading Down 1.4 %

The company has a market capitalization of $659.65 million, a PE ratio of -43.28 and a beta of 0.14. The stock has a fifty day moving average of $8.13 and a two-hundred day moving average of $9.14. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. During the same quarter in the previous year, the company posted $0.01 earnings per share. As a group, sell-side analysts anticipate that Abacus Life, Inc. will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Adam Samuel Gusky purchased 6,000 shares of Abacus Life stock in a transaction dated 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 completion of the purchase, the director now directly owns 49,085 shares of the company’s stock, valued at $389,734.90. The trade was a 13.93 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Matthew Ganovsky sold 156,250 shares of the 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 transaction, the insider now directly owns 10,847,047 shares in the company, valued at $86,776,376. The trade was a 1.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 36,367 shares of company stock worth $279,626 and have sold 2,263,300 shares worth $18,106,400. Corporate insiders own 79.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ABL. Principal Financial Group Inc. bought a new position in Abacus Life in the 2nd quarter worth $8,105,000. Levin Capital Strategies L.P. purchased a new position in shares of Abacus Life during the 2nd quarter valued at about $130,000. Renaissance Technologies LLC purchased a new position in shares of Abacus Life during the 2nd quarter valued at about $106,000. Sei Investments Co. bought a new position in shares of Abacus Life during the 2nd quarter valued at approximately $418,000. Finally, Quarry LP bought a new stake in Abacus Life during the 2nd quarter worth approximately $318,000.

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.