Adam Samuel Gusky, a director at Abacus Life, Inc. (NASDAQ:ABL), has recently increased his stake in the company. According to a recent SEC filing, Gusky purchased a total of 8,126 shares of common stock over two transactions. The shares were acquired at prices ranging from $7.927 to $7.937 per share, amounting to a total investment of $64,474. The purchase comes as InvestingPro data shows the stock trading significantly below its Fair Value, with shares down over 32% in the past six months.
The transactions took place on December 6 and December 9, 2024, bringing Gusky's total ownership to 49,085 shares following these purchases. This move reflects Gusky's continued confidence in Abacus Life, which has demonstrated strong revenue growth of nearly 78% over the last twelve months. InvestingPro analysis reveals multiple positive indicators, including analysts' expectations for profitability this year. Discover more insights and 8 additional ProTips with an InvestingPro subscription.
In other recent news, Abacus Life Inc. has seen significant analyst attention. B.Riley maintained its Buy rating on the company's shares and increased the price target to $17, following a recent $100 million common stock offering. The firm also raised its earnings per share estimates for 2024 through 2026, citing the potential benefits from the offering and the expected closing of the Carlisle deal in late 2024.
In parallel, Piper Sandler raised its price target for Abacus Life from $12 to $13, maintaining an Overweight rating. The firm also revised the adjusted EBITDA estimate for 2024 to $59 million and increased core EPS estimates for 2024 to 2026, following the company's robust performance and revenue surpassing initial guidance.
Adding to the positive analyst attention, Northland initiated coverage on Abacus Life shares with an Outperform rating and a price target of $13.50, signaling confidence in the company's growth. Abacus Life also reported strong financial results for the quarter ending June 30, 2024, with over $100 million in investments.
Furthermore, the company expanded its assets under management through the strategic acquisitions of FCF Advisors and Carlisle Management Company SCA. Lastly, Abacus Life appointed Elena Plesco as its new Chief Capital Officer, emphasizing a focus on capital management strategies and global expansion efforts. These are the recent developments for Abacus Life Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.