Jay J. Jackson Sells 2,031,250 Shares of Abacus Life, Inc. (NASDAQ:ABL) Stock

Abacus Life, Inc. (NASDAQ:ABL) CEO Jay J. Jackson sold 2,031,250 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 $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 represents a 16.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Abacus Life Stock Performance

Abacus Life stock opened at $7.82 on Wednesday. Abacus Life, Inc. has a 1-year low of $6.56 and a 1-year high of $13.25. The firm has a market cap of $583.77 million, a P/E ratio of -43.83 and a beta of 0.15. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average of $9.26 and a 200-day moving average of $9.78.

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, topping 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 business had revenue of $28.15 million during the quarter, compared to analysts’ expectations of $26.08 million. During the same quarter last year, the business posted $0.01 EPS. Sell-side analysts expect that Abacus Life, Inc. will post 0.62 EPS for the current year.

Institutional Trading of Abacus Life

Large investors have recently added to or reduced their stakes in the stock. Richard W. Paul & Associates LLC raised its holdings in Abacus Life by 4.8% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after purchasing an additional 1,401 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Abacus Life during the second quarter valued at about $106,000. Curi RMB Capital LLC raised its stake in Abacus Life by 2.4% in the third 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 in the last quarter. Levin Capital Strategies L.P. purchased a new stake in Abacus Life in the second quarter worth about $130,000. Finally, Quarry LP purchased a new position in shares of Abacus Life during the 2nd quarter worth approximately $318,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ABL shares. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. TD Cowen began coverage on Abacus Life in a research note on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective on the stock. B. Riley Financial reiterated a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a report on Friday, August 30th. B. Riley increased their target price on Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday. Finally, Northland Securities initiated 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. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Abacus Life has an average rating of “Buy” and an average target price of $14.70.

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.