Analysts Set Abacus Life, Inc. (NASDAQ:ABL) Target Price at $14.70

Shares of Abacus Life, Inc. (NASDAQ:ABL) have earned an average rating of “Buy” from the six brokerages that are currently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $14.30.

Several research firms have recently commented on ABL. Northland Securities initiated coverage on Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target for the company. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Piper Sandler reiterated an “overweight” rating and set a $13.00 price target (up from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Finally, B. Riley reduced their price objective on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th.

Abacus Life Stock Down 6.4 %

ABL stock opened at $6.92 on Tuesday. The company has a market cap of $585.98 million, a price-to-earnings ratio of -38.44 and a beta of 0.14. The company has a fifty day moving average price of $8.00 and a 200 day moving average price of $9.08. 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 has a 12 month low of $6.83 and a 12 month high of $13.25.

Abacus Life (NASDAQ:ABL) last announced its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate 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 in the prior year, the firm earned $0.01 earnings per share. Sell-side analysts expect that Abacus Life will post 0.64 earnings per share for the current year.

Insider Activity at Abacus Life

In related news, insider Matthew Ganovsky sold 156,250 shares of the firm’s stock in a transaction that occurred 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 directly owns 10,847,047 shares of the company’s stock, valued at $86,776,376. This trade represents a 1.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Adam Samuel Gusky acquired 6,000 shares of Abacus Life stock in a transaction that occurred on Monday, December 9th. The shares were purchased at an average cost of $7.94 per share, with a total value of $47,640.00. Following the completion of the acquisition, 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 position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 36,367 shares of company stock worth $279,626 and sold 2,263,300 shares worth $18,106,400. Company insiders own 79.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in Abacus Life by 7.9% during 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 last quarter. Evernest Financial Advisors LLC acquired a new stake in shares of Abacus Life during the third quarter valued at $681,000. Charles Schwab Investment Management Inc. purchased a new stake in Abacus Life during the 3rd quarter worth about $614,000. Geode Capital Management LLC lifted its holdings in Abacus Life by 439.6% in the 3rd quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock valued at $1,741,000 after purchasing an additional 140,054 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in shares of Abacus Life by 35.0% during the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after purchasing an additional 77,000 shares during the last quarter.

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.