Jay J. Jackson, the Chief Executive Officer of Abacus Life, Inc. (NASDAQ:ABL), recently reported a significant transaction involving the company's stock. According to a Form 4 filing with the Securities and Exchange Commission, Jackson sold 75,800 shares of common stock on December 20, 2024, at a price of $8 per share. This sale amounts to a total value of $606,400. The transaction comes as ABL shares trade at $7.80, down 41% from their 52-week high of $13.25. InvestingPro analysis suggests the stock is currently undervalued, with analysts maintaining a Strong Buy consensus.
Following the sale, Jackson retains ownership of 10,486,200 shares of Abacus Life, representing a significant stake in the $730 million market cap company. Additionally, the filing disclosed a separate transaction involving the disposition of 625,000 shares, which were transferred to a charitable fund. Jackson disclaims beneficial ownership of these shares. While the company is not currently profitable, InvestingPro data shows analysts expect Abacus Life to achieve profitability this year, with 2 analysts recently revising earnings estimates upward.
In other recent news, Abacus Life Inc. has seen significant developments. The company has adopted a new executive compensation plan, granting 125,000 restricted stock units to CFO William H. McCauley Jr., set to vest over a three-year period. Analyst firms B.Riley and Piper Sandler have adjusted their earnings per share estimates for the company upward, and Northland has initiated coverage of Abacus Life shares with an Outperform rating.
The company also recently completed a $100 million common stock offering, which B.Riley believes will be used primarily to purchase policies. This offering led B.Riley to maintain a Buy rating on Abacus Life and increase the price target from $16.00 to $17.00. Piper Sandler followed suit, raising its price target for Abacus Life from $12.00 to $13.00.
Abacus Life reported strong financial results for the quarter ending June 30, 2024, with over $100 million in investments. The company expanded its assets under management through strategic acquisitions of FCF Advisors and Carlisle Management Company SCA. Lastly, Abacus Life appointed Elena Plesco as its new Chief Capital Officer, signaling a focus on capital management strategies and global expansion. These are the recent developments for Abacus Life Inc.
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