Abacus Life (NASDAQ:ABL) Sets New 52-Week Low – Time to Sell?

Abacus Life, Inc. (NASDAQ:ABL)’s stock price reached a new 52-week low during mid-day trading on Friday . The company traded as low as $6.98 and last traded at $7.08, with a volume of 133771 shares traded. The stock had previously closed at $7.39.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ABL shares. B. Riley cut their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday. Northland Securities started coverage on shares of Abacus Life in a research report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $13.00 target price (up previously from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Finally, Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $14.30.

Abacus Life Trading Down 4.9 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a fifty day moving average price of $8.03 and a 200 day moving average price of $9.09. The company has a market cap of $595.30 million, a price-to-earnings ratio of -39.05 and a beta of 0.13.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. During the same quarter last year, the firm posted $0.01 EPS. As a group, equities analysts predict that Abacus Life, Inc. will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jay J. Jackson sold 2,031,250 shares of the business’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 transaction of $16,250,000.00. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Matthew Ganovsky sold 156,250 shares of the 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 $1,250,000.00. Following the transaction, the insider now owns 10,847,047 shares in the company, 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. Over the last 90 days, insiders have acquired 36,367 shares of company stock valued at $279,626 and have sold 2,263,300 shares valued at $18,106,400. Company insiders own 79.20% of the company’s stock.

Institutional Investors Weigh In On Abacus Life

Institutional investors have recently modified their holdings of the business. Richard W. Paul & Associates LLC raised its stake in Abacus Life by 27.8% in the 3rd quarter. Richard W. Paul & Associates LLC now owns 38,902 shares of the company’s stock worth $394,000 after purchasing an additional 8,454 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Abacus Life during the second quarter worth approximately $106,000. Curi RMB Capital LLC raised 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 buying an additional 12,765 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of 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 buying an additional 15,308 shares during the period. Finally, Quarry LP acquired a new stake in Abacus Life during the second quarter worth approximately $318,000.

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.