Abacus Life (NASDAQ:ABL) Shares Up 4.3% – Still a Buy?

Abacus Life, Inc. (NASDAQ:ABL)’s share price shot up 4.3% during mid-day trading on Tuesday . The company traded as high as $8.22 and last traded at $7.93. 113,464 shares changed hands during trading, a decline of 46% from the average session volume of 210,771 shares. The stock had previously closed at $7.60.

Wall Street Analyst Weigh In

Separately, B. Riley cut their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Abacus Life has a consensus rating of “Buy” and an average price target of $14.30.

Abacus Life Stock Performance

The firm has a 50 day moving average of $7.60 and a 200-day moving average of $8.41. The stock has a market capitalization of $717.11 million, a PE ratio of -41.22 and a beta of 0.14. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29.

Insiders Place Their Bets

In other news, insider Sean Mcnealy sold 75,800 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $8.00, for a total transaction of $606,400.00. Following the transaction, the insider now owns 12,361,500 shares of the company’s stock, valued at approximately $98,892,000. This represents a 0.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 79.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Richard W. Paul & Associates LLC grew its holdings in Abacus Life by 7.5% in the 4th quarter. Richard W. Paul & Associates LLC now owns 41,836 shares of the company’s stock valued at $328,000 after buying an additional 2,934 shares during the last quarter. Bank of America Corp DE grew its holdings in Abacus Life by 2.6% in the 4th quarter. Bank of America Corp DE now owns 161,458 shares of the company’s stock valued at $1,264,000 after buying an additional 4,162 shares during the last quarter. Geode Capital Management LLC grew its holdings in Abacus Life by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 177,227 shares of the company’s stock valued at $1,389,000 after buying an additional 5,310 shares during the last quarter. LPL Financial LLC grew its holdings in Abacus Life by 31.0% in the 4th quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock valued at $182,000 after buying an additional 5,507 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in Abacus Life by 2.5% in the 4th quarter. Point72 Asset Management L.P. now owns 323,432 shares of the company’s stock valued at $2,532,000 after buying an additional 7,838 shares during the last quarter.

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.