Adam Gusky, a director at Abacus Life, Inc. (NASDAQ:ABL), has made a series of purchases totaling $77,600 in company stock. The timing appears strategic, as InvestingPro analysis shows the stock trading significantly below its 52-week high of $13.25, with current market capitalization at $742 million. The transactions, disclosed in a recent SEC filing, occurred over several days. On December 13, Gusky acquired 3,000 shares at $7.85 each. This was followed by two additional purchases on December 16: 3,000 shares at $7.75 and 4,000 shares at $7.70. Following these transactions, Gusky now holds a total of 59,085 shares, with a portion held indirectly through AG Energy, LLC, where he is the sole member. According to InvestingPro data, the company appears undervalued at current levels, with analysts forecasting profitability this year. Get access to more valuable insights and 6 additional ProTips with an InvestingPro subscription.
In other recent news, Abacus Life Inc. has been the subject of significant analyst attention. B.Riley maintained its Buy rating on the company's shares and raised the price target to $17.00, an adjustment following a recent $100 million common stock offering. The firm's analyst also increased the 2024 fourth quarter earnings per share (EPS) estimates from $0.16 to $0.18.
Piper Sandler also raised its price target for Abacus Life from $12.00 to $13.00, maintaining an Overweight rating, following the company's robust performance with revenue and adjusted EBITDA surpassing initial guidance. Meanwhile, 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.
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, Abacus Life 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.
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