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

Abacus Life, Inc. (NASDAQ:ABL) CEO Jay J. Jackson sold 2,031,250 shares of Abacus Life stock in a transaction dated 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 transaction, 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 transaction was disclosed in a filing with the SEC, which is accessible through this link.

Abacus Life Stock Performance

Shares of Abacus Life stock opened at $8.08 on Thursday. Abacus Life, Inc. has a one year low of $6.56 and a one year high of $13.25. The firm has a market capitalization of $603.17 million, a price-to-earnings ratio of -43.44 and a beta of 0.15. The business has a 50-day simple moving average of $9.22 and a 200 day simple moving average of $9.75. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29.

Abacus Life (NASDAQ:ABL) last issued its earnings results on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $28.15 million during the quarter, compared to analyst estimates 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 in the previous year, the company posted $0.01 EPS. On average, research analysts anticipate that Abacus Life, Inc. will post 0.64 earnings per share for the current fiscal year.

Institutional Trading of Abacus Life

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Richard W. Paul & Associates LLC increased its holdings 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 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 in the 2nd quarter worth approximately $106,000. Curi RMB Capital LLC boosted its stake in shares of Abacus Life by 2.4% in the 3rd 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 during the last quarter. Levin Capital Strategies L.P. purchased a new position in shares of Abacus Life in the 2nd quarter worth approximately $130,000. Finally, Franklin Resources Inc. lifted its stake in Abacus Life by 3.6% in the third quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock valued at $4,382,000 after purchasing an additional 15,308 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Piper Sandler reissued an “overweight” rating and issued a $13.00 price objective (up from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Northland Capmk raised Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Northland Securities assumed coverage on Abacus Life in a research report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective for the company. B. Riley lifted their price objective on Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday. Finally, B. Riley Financial reissued a “buy” rating and issued a $16.00 price objective 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 company’s stock. Based on data from MarketBeat.com, Abacus Life has a consensus 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.