Abacus Life, Inc. (NASDAQ:ABL) Short Interest Down 20.7% in November

Abacus Life, Inc. (NASDAQ:ABL) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 587,800 shares, a drop of 20.7% from the November 15th total of 741,400 shares. Approximately 3.1% of the shares of the stock are sold short. Based on an average daily volume of 175,300 shares, the days-to-cover ratio is currently 3.4 days.

Abacus Life Trading Down 0.4 %

Shares of Abacus Life stock opened at $7.89 on Friday. Abacus Life has a 1 year low of $7.07 and a 1 year high of $13.25. The company has a market capitalization of $668.12 million, a P/E ratio of -43.83 and a beta of 0.13. The company’s fifty day moving average is $8.70 and its two-hundred day moving average is $9.49. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29.

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

Analysts Set New Price Targets

ABL has been the subject of several recent research reports. Piper Sandler reissued 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. B. Riley increased their price objective on Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 25th. Northland Securities assumed coverage on shares of Abacus Life in a research report on Thursday, October 24th. They issued 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 research note on Thursday, October 24th. Finally, B. Riley Financial reiterated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Abacus Life presently has an average rating of “Buy” and a consensus target price of $14.70.

Insiders Place Their Bets

In other Abacus Life news, CEO Jay J. Jackson sold 2,031,250 shares of Abacus Life stock in a transaction 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 sale, the chief executive officer now owns 10,562,000 shares in the company, valued at $84,496,000. The trade was a 16.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Ganovsky sold 156,250 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.00, for a total transaction of $1,250,000.00. Following the transaction, the insider now directly owns 10,847,047 shares of the company’s stock, valued at approximately $86,776,376. This trade represents a 1.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have acquired 26,367 shares of company stock valued at $202,036 in the last ninety days. 79.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Abacus Life

A number of hedge funds and other institutional investors have recently bought and sold shares of ABL. Richard W. Paul & Associates LLC lifted its position in Abacus Life by 4.8% in the second 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. Allspring Global Investments Holdings LLC acquired a new stake in shares of Abacus Life in the 2nd quarter valued at approximately $9,909,000. Principal Financial Group Inc. purchased a new stake in shares of Abacus Life in the second quarter valued at approximately $8,105,000. Stieven Capital Advisors L.P. acquired a new position in Abacus Life during the second quarter worth $2,811,000. Finally, Levin Capital Strategies L.P. purchased a new position in Abacus Life in the second quarter worth $130,000.

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.