Matthew Ganovsky Sells 156,250 Shares of Abacus Life, Inc. (NASDAQ:ABL) Stock

Abacus Life, Inc. (NASDAQ:ABL) insider Matthew Ganovsky sold 156,250 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the insider now directly owns 10,847,047 shares in the company, valued at approximately $86,776,376. This trade represents a 1.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Abacus Life Stock Performance

Shares of ABL opened at $7.82 on Wednesday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock has a 50-day moving average price of $9.26 and a 200-day moving average price of $9.78. The company has a market cap of $583.77 million, a PE ratio of -43.83 and a beta of 0.15. Abacus Life, Inc. has a 12-month low of $6.56 and a 12-month high of $13.25.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.20 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 analysts’ expectations 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 previous year, the company earned $0.01 EPS. As a group, equities analysts forecast that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on ABL. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Northland Securities started coverage on Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 price objective on the stock. B. Riley raised 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. B. Riley Financial reiterated a “buy” rating and set a $16.00 price target on shares of Abacus Life in a research report on Friday, August 30th. Finally, TD Cowen initiated coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Abacus Life has an average rating of “Buy” and a consensus price target of $14.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new stake in Abacus Life in the second quarter worth approximately $9,909,000. Principal Financial Group Inc. purchased a new stake in shares of Abacus Life in the 2nd quarter valued at $8,105,000. Point72 Asset Management L.P. purchased a new stake in shares of Abacus Life in the 2nd quarter valued at $5,190,000. Mendon Capital Advisors Corp bought a new position in shares of Abacus Life during the 2nd quarter valued at $4,974,000. Finally, Clearbridge Investments LLC purchased a new position in Abacus Life in the 2nd quarter worth $4,342,000.

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.