Insider Selling: Abacus Life, Inc. (NASDAQ:ABL) CEO Sells $16,250,000.00 in Stock

Abacus Life, Inc. (NASDAQ:ABL) CEO Jay J. Jackson sold 2,031,250 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.00, for a total value of $16,250,000.00. Following the transaction, the chief executive officer now owns 10,562,000 shares in the company, valued at approximately $84,496,000. This trade represents a 16.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Abacus Life Trading Up 3.3 %

NASDAQ ABL opened at $8.08 on Thursday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. Abacus Life, Inc. has a twelve month low of $6.56 and a twelve month high of $13.25. The company has a market cap of $603.17 million, a price-to-earnings ratio of -43.44 and a beta of 0.15. The business’s fifty day moving average is $9.22 and its 200 day moving average is $9.75.

Abacus Life (NASDAQ:ABL) last released 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. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The company had revenue of $28.15 million for the quarter, compared to the consensus estimate of $26.08 million. During the same quarter last year, the business posted $0.01 EPS. As a group, sell-side analysts expect that Abacus Life, Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ABL has been the topic of a number of recent research reports. 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 research note on Friday, November 8th. B. Riley Financial restated a “buy” rating and set a $16.00 price objective on shares of Abacus Life in a research note on Friday, August 30th. B. Riley raised their target price on Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday. Northland Securities assumed coverage on Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 target price on the stock. Finally, TD Cowen assumed coverage on Abacus Life in a report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $14.70.

Institutional Investors Weigh In On Abacus Life

Several hedge funds have recently modified their holdings of the company. Richard W. Paul & Associates LLC lifted its holdings in Abacus Life by 4.8% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after buying an additional 1,401 shares during the period. Renaissance Technologies LLC acquired a new position in Abacus Life during the 2nd quarter worth about $106,000. Curi RMB Capital LLC lifted its holdings in Abacus Life by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after buying an additional 12,765 shares during the period. Levin Capital Strategies L.P. acquired a new position in Abacus Life during the 2nd quarter worth about $130,000. Finally, Franklin Resources Inc. lifted its holdings in Abacus Life by 3.6% during the 3rd quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock worth $4,382,000 after buying an additional 15,308 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.