B. Riley Forecasts Strong Price Appreciation for Abacus Life (NASDAQ:ABL) Stock

Abacus Life (NASDAQ:ABL) had its price target hoisted by equities research analysts at B. Riley from $16.00 to $17.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price objective would indicate a potential upside of 117.39% from the company’s previous close. B. Riley also issued estimates for Abacus Life’s Q4 2024 earnings at $0.18 EPS and FY2024 earnings at $0.66 EPS.

A number of other brokerages have also commented on ABL. B. Riley Financial reissued a “buy” rating and set a $16.00 price target on shares of Abacus Life in a research note on Friday, August 30th. Northland Securities initiated coverage on shares of Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 target price for the company. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. TD Cowen assumed coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective for the company. Finally, Piper Sandler restated an “overweight” rating and issued a $13.00 target price (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Abacus Life has a consensus rating of “Buy” and a consensus price target of $14.70.

Abacus Life Price Performance

ABL stock opened at $7.82 on Monday. 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 company’s fifty day moving average price is $9.26 and its 200-day moving average price is $9.78. Abacus Life has a one year low of $6.56 and a one year high of $13.25. The company has a market capitalization of $583.77 million, a PE ratio of -43.83 and a beta of 0.15.

Abacus Life (NASDAQ:ABL) last announced its quarterly 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. The business had revenue of $28.15 million for 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. On average, equities analysts anticipate that Abacus Life will post 0.62 EPS for the current fiscal year.

Insider Activity

In related news, insider Matthew Ganovsky sold 156,250 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 $1,250,000.00. Following the transaction, the insider now owns 10,847,047 shares of the company’s stock, valued at $86,776,376. This trade represents a 1.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the completion of the sale, the chief executive officer now directly owns 10,562,000 shares of the company’s stock, 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. Insiders own 79.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Richard W. Paul & Associates LLC increased its position 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 valued at $263,000 after purchasing an additional 1,401 shares during the period. Renaissance Technologies LLC bought a new position in shares of Abacus Life during the second quarter valued at approximately $106,000. Curi RMB Capital LLC increased its holdings in Abacus Life by 2.4% during the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after buying an additional 12,765 shares during the period. Levin Capital Strategies L.P. bought a new position in Abacus Life in the second quarter worth approximately $130,000. Finally, Quarry LP purchased a new stake in Abacus Life during the second quarter worth $318,000.

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.