Abacus Life (NASDAQ:ABL) Sees Strong Trading Volume – Time to Buy?

Shares of Abacus Life, Inc. (NASDAQ:ABL) saw unusually-strong trading volume on Monday . 89,973 shares changed hands during mid-day trading, an increase of 2% from the previous session’s volume of 87,845 shares.The stock last traded at $7.95 and had previously closed at $7.90.

Wall Street Analyst Weigh In

ABL has been the topic of several recent analyst reports. Northland Securities assumed coverage on Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price target on the stock. B. Riley dropped their target price on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday. Piper Sandler restated an “overweight” rating and issued a $13.00 price target (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Finally, Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $14.30.

Abacus Life Stock Down 2.2 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The stock’s 50 day simple moving average is $8.06 and its 200 day simple moving average is $9.10. The firm has a market cap of $625.78 million, a P/E ratio of -41.05 and a beta of 0.14.

Abacus Life (NASDAQ:ABL) last posted its earnings results on Thursday, November 7th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The company had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. During the same period in the previous year, the firm posted $0.01 earnings per share. Research analysts anticipate that Abacus Life, Inc. will post 0.64 EPS for the current year.

Insider Transactions at Abacus Life

In other news, insider Matthew Ganovsky sold 156,250 shares of the company’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 represents a 1.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Adam Samuel Gusky purchased 6,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were acquired at an average price of $7.94 per share, for a total transaction of $47,640.00. Following the completion of the acquisition, the director now directly owns 49,085 shares of the company’s stock, valued at $389,734.90. This trade represents a 13.93 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 36,367 shares of company stock valued at $279,626 and sold 2,263,300 shares valued at $18,106,400. Company insiders own 79.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. grew its holdings in Abacus Life by 7.9% during the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after purchasing an additional 74,172 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Abacus Life during the 2nd quarter worth $5,190,000. Curi RMB Capital LLC increased its holdings in Abacus Life by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after acquiring an additional 12,765 shares during the last quarter. Mendon Capital Advisors Corp bought a new stake in Abacus Life in the 2nd quarter valued at about $4,974,000. Finally, Clearbridge Investments LLC purchased a new stake in Abacus Life during the second quarter valued at about $4,342,000.

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.