B. Riley Cuts Abacus Life (NASDAQ:ABL) Price Target to $15.00

Abacus Life (NASDAQ:ABL) had its price objective lowered by B. Riley from $17.00 to $15.00 in a research note released on Tuesday,Benzinga reports. B. Riley currently has a buy rating on the stock.

Several other equities analysts have also recently weighed in on the company. Northland Securities assumed coverage on Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price on the stock. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Abacus Life presently has a consensus rating of “Buy” and an average price target of $14.30.

Abacus Life Price Performance

ABL stock opened at $7.39 on Tuesday. The firm has a 50-day moving average of $8.06 and a two-hundred day moving average of $9.10. The firm has a market capitalization of $625.79 million, a PE ratio of -41.05 and a beta of 0.13. 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 has a one year low of $7.07 and a one year high of $13.25.

Abacus Life (NASDAQ:ABL) last released its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $26.08 million. During the same quarter in the prior year, the company earned $0.01 earnings per share. On average, analysts forecast that Abacus Life will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Matthew Ganovsky sold 156,250 shares of the company’s 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 completion of the sale, the insider now directly owns 10,847,047 shares in the company, valued at approximately $86,776,376. This represents a 1.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Jay J. Jackson sold 2,031,250 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 36,367 shares of company stock worth $279,626 and have sold 2,263,300 shares worth $18,106,400. 79.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Abacus Life

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABL. Renaissance Technologies LLC acquired a new position in shares of Abacus Life during the 2nd quarter worth about $106,000. Levin Capital Strategies L.P. bought a new stake in shares of Abacus Life in the second quarter valued at approximately $130,000. Quarry LP acquired a new stake in shares of Abacus Life in the second quarter worth $318,000. Richard W. Paul & Associates LLC increased its position in Abacus Life by 27.8% during the third quarter. Richard W. Paul & Associates LLC now owns 38,902 shares of the company’s stock worth $394,000 after acquiring an additional 8,454 shares during the period. Finally, Sei Investments Co. acquired a new position in Abacus Life during the 2nd quarter valued at $418,000.

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.