Abacus Life (NASDAQ:ABL) Sees Large Volume Increase – Still a Buy?

Abacus Life, Inc. (NASDAQ:ABL) shares saw unusually-strong trading volume on Monday . Approximately 191,259 shares changed hands during mid-day trading, an increase of 48% from the previous session’s volume of 129,443 shares.The stock last traded at $7.91 and had previously closed at $7.62.

Wall Street Analyst Weigh In

Separately, B. Riley lowered their price objective on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $14.30.

Abacus Life Stock Performance

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 company has a market cap of $758.66 million, a PE ratio of -43.61 and a beta of 0.14. The firm’s 50 day moving average is $7.59 and its 200-day moving average is $8.42.

Insiders Place Their Bets

In other Abacus Life news, insider Sean Mcnealy sold 75,800 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $8.00, for a total transaction of $606,400.00. Following the transaction, the insider now directly owns 12,361,500 shares of the company’s stock, valued at approximately $98,892,000. This trade represents a 0.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 79.20% of the stock is owned by company insiders.

Institutional Trading of Abacus Life

Several hedge funds and other institutional investors have recently made changes to their positions in ABL. Evernest Financial Advisors LLC raised its position in Abacus Life by 63.8% during the fourth quarter. Evernest Financial Advisors LLC now owns 110,250 shares of the company’s stock worth $863,000 after acquiring an additional 42,950 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Abacus Life by 7.9% in the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after buying an additional 74,172 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new position in shares of Abacus Life in the third quarter valued at approximately $614,000. Geode Capital Management LLC raised its position in shares of Abacus Life by 439.6% in the third quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock valued at $1,741,000 after buying an additional 140,054 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Abacus Life by 23.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company’s stock valued at $10,830,000 after buying an additional 263,036 shares during the last quarter.

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.