Jay J. Jackson, the Chief Executive Officer of Abacus Life, Inc. (NASDAQ:ABL), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Jackson sold 2,031,250 shares of common stock on November 21, 2024, at a price of $8 per share. The total value of the transaction amounted to $16.25 million. Following this sale, Jackson retains ownership of 10,562,000 shares. The company noted that approximately 1,875,000 of these shares were sold to cover taxes associated with the vesting of restricted common stock.
In other recent news, Abacus Life Inc. has seen considerable attention from analysts. B.Riley maintained a Buy rating on the company's shares, raising the target price to $17.00 following a recent $100 million common stock offering. Analysts at the firm pointed to increased earnings per share (EPS) estimates as a reason for the price target change. Piper Sandler also displayed confidence in Abacus Life, raising its price target from $12.00 to $13.00 and maintaining an Overweight rating, following the company's strong quarterly performance. The firm also revised upward the adjusted EBITDA estimate for 2024.
Northland initiated coverage on Abacus Life shares with an Outperform rating and a price target of $13.50, indicating confidence in the company's future growth. Additionally, Abacus Life reported strong financial results for the quarter ending June 30, 2024, with over $100 million in investments. The company also expanded its assets under management through the strategic acquisitions of FCF Advisors and Carlisle Management Company SCA. Lastly, the company has appointed Elena Plesco as its new Chief Capital Officer, signaling a focus on capital management strategies and global expansion efforts. These are the recent developments for Abacus Life Inc.
InvestingPro Insights
In light of Jay J. Jackson's recent stock sale, it's worth examining Abacus Life's current financial position and market performance. According to InvestingPro data, Abacus Life has a market capitalization of $568.68 million, reflecting its position as a smaller player in the financial services sector. The company's revenue growth has been impressive, with a 77.68% increase over the last twelve months as of Q3 2024, indicating strong business momentum.
However, Abacus Life's stock has faced recent headwinds. An InvestingPro Tip reveals that the stock has taken a significant hit over the last week, with a 1-week price total return of -9.02%. This short-term decline is part of a broader trend, as the stock has fallen by 25.53% over the past three months.
Despite these challenges, analysts remain optimistic about Abacus Life's future profitability. An InvestingPro Tip suggests that net income is expected to grow this year, and analysts predict the company will be profitable in the current fiscal year. This positive outlook contrasts with the company's current P/E ratio of -42.25, which reflects its recent unprofitability.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 6 more tips available for Abacus Life. These tips could provide valuable context for understanding the company's financial health and future prospects in light of the CEO's recent stock sale.
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