Matthew Ganovsky, Co-Founder and President of Abacus Life, Inc. (NASDAQ:ABL), recently sold a substantial portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Ganovsky sold 156,250 shares of common stock at a price of $8 per share, totaling $1.25 million. Following this transaction, Ganovsky retains ownership of 10,847,047 shares in the company. This move comes as part of his ongoing management of his investment in Abacus Life, a company known for its expertise in investment advice.
In other recent news, Abacus Life Inc. saw its earnings per share estimates raised by B.Riley, following a $100 million common stock offering. The company's adjusted EPS forecast for Q4 2024 was increased from $0.16 to $0.18, with estimates for 2025 and 2026 also revised upwards. Piper Sandler also demonstrated confidence in the company's performance, raising its price target from $12.00 to $13.00 and maintaining an Overweight rating.
In addition, Abacus Life's recent financial results exceeded initial guidance, with revenue and adjusted EBITDA surpassing expectations and $93 million deployed during the quarter. The company's strong performance led Piper Sandler to revise its adjusted EBITDA estimate for 2024 upwards to $59 million.
Northland initiated coverage on Abacus Life shares with an Outperform rating and a price target of $13.50, indicating potential growth and profitability. Abacus Life also recently expanded its assets under management through strategic acquisitions of FCF Advisors and Carlisle Management Company SCA.
Lastly, the company appointed Elena Plesco as its new Chief Capital Officer, highlighting a focus on capital management strategies and global expansion efforts. These are recent developments for Abacus Life Inc.
InvestingPro Insights
Matthew Ganovsky's recent sale of Abacus Life, Inc. (NASDAQ:ABL) shares comes at a time when the company's stock has been facing significant headwinds. According to InvestingPro data, ABL's stock has taken a substantial hit over the past week, with a 9.02% decline in the 1-week price total return. This short-term dip is part of a broader downward trend, as evidenced by the 25.53% decline over the past three months.
Despite these challenges, Abacus Life shows promising financial metrics. The company boasts a robust revenue growth of 77.68% over the last twelve months as of Q3 2024, indicating strong business momentum. Additionally, the company maintains an impressive gross profit margin of 90.9%, showcasing its operational efficiency.
InvestingPro Tips highlight that while Abacus Life has not been profitable over the last twelve months, analysts predict the company will turn profitable this year. This potential turnaround could explain why insiders like Ganovsky might be rebalancing their portfolios while still maintaining significant ownership stakes.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Abacus Life, providing deeper insights into the company's financial health and market position.
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