Sean Mcnealy Sells 75,800 Shares of Abacus Life, Inc. (NASDAQ:ABL) Stock

Abacus Life, Inc. (NASDAQ:ABL) insider Sean Mcnealy sold 75,800 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $8.00, for a total value of $606,400.00. Following the sale, the insider now directly owns 12,361,500 shares of the company’s stock, valued at $98,892,000. This represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Abacus Life Stock Performance

NASDAQ ABL opened at $7.54 on Wednesday. The company has a market capitalization of $638.48 million, a PE ratio of -41.89 and a beta of 0.13. 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, Inc. has a 52-week low of $7.07 and a 52-week high of $13.25. The company has a 50-day simple moving average of $8.37 and a 200 day simple moving average of $9.27.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (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 analyst estimates of $26.08 million. During the same quarter last year, the business posted $0.01 EPS. On average, research analysts predict that Abacus Life, Inc. will post 0.64 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Abacus Life during the 2nd quarter valued at approximately $9,909,000. Principal Financial Group Inc. lifted its position in shares of Abacus Life by 7.9% during the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after acquiring an additional 74,172 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Abacus Life in the second quarter worth $5,190,000. Curi RMB Capital LLC grew its position in shares of Abacus Life by 2.4% in the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after purchasing an additional 12,765 shares in the last quarter. Finally, Mendon Capital Advisors Corp purchased a new stake in Abacus Life during the 2nd quarter worth about $4,974,000.

Analysts Set New Price Targets

Several brokerages recently issued reports on ABL. B. Riley Financial reiterated a “buy” rating and set a $16.00 price target on shares of Abacus Life in a report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $13.00 target price (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. B. Riley upped their price objective on shares of Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Northland Securities initiated coverage on shares of Abacus Life in a research report on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price on the stock. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Abacus Life currently has a consensus rating of “Buy” and an average price target of $14.70.

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.