Insider Buying: Abacus Life, Inc. (NASDAQ:ABL) Director Acquires 18,241 Shares of Stock

Abacus Life, Inc. (NASDAQ:ABL) Director Adam Samuel Gusky acquired 18,241 shares of Abacus Life stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average cost of $7.54 per share, with a total value of $137,537.14. Following the purchase, the director now owns 40,959 shares in the company, valued at $308,830.86. The trade was a 80.29 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Abacus Life Stock Up 3.3 %

ABL opened at $8.08 on Thursday. Abacus Life, Inc. has a 1-year low of $6.56 and a 1-year high of $13.25. The business has a 50 day moving average of $9.22 and a 200-day moving average of $9.75. The stock has a market capitalization of $603.17 million, a price-to-earnings ratio of -43.44 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.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. During the same period in the prior year, the firm earned $0.01 EPS. As a group, sell-side analysts anticipate that Abacus Life, Inc. will post 0.64 earnings per share for the current year.

Hedge Funds Weigh In On Abacus Life

Several large investors have recently added to or reduced their stakes in ABL. Franklin Resources Inc. grew its holdings in shares of Abacus Life by 3.6% during the 3rd quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock worth $4,382,000 after purchasing an additional 15,308 shares in the last quarter. Geode Capital Management LLC lifted its position in Abacus Life by 439.6% in the third quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock worth $1,741,000 after purchasing an additional 140,054 shares during the period. Charles Schwab Investment Management Inc. acquired a new stake in Abacus Life during the third quarter worth $614,000. Royce & Associates LP boosted its stake in Abacus Life by 35.0% during the third quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after buying an additional 77,000 shares in the last quarter. Finally, 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 valued at $5,566,000 after buying an additional 12,765 shares during the period.

Wall Street Analysts Forecast Growth

ABL has been the topic of several recent research reports. B. Riley Financial restated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. TD Cowen assumed coverage on Abacus Life in a report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price target on the stock. 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 report on Monday. Finally, Northland Securities started coverage on shares of Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 target price on the stock. Five investment 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, the stock currently has an average rating of “Buy” and an average target price 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.