Adam Gusky, a director at Abacus Life, Inc. (NASDAQ:ABL), recently increased his stake in the company with two significant purchases of common stock. According to a recent SEC filing, Gusky acquired a total of 8,126 shares over two transactions. The first transaction took place on December 6, 2024, involving the purchase of 2,126 shares at a price of $7.927 per share. The second transaction occurred on December 9, 2024, with an acquisition of 6,000 shares at $7.937 per share. These purchases amounted to a total investment of $64,474. Following these transactions, Gusky's total holdings in Abacus Life now stand at 49,085 shares.The timing of Gusky's purchases appears strategic, with the stock trading near its 52-week low of $7.07 and significantly below its high of $13.25. InvestingPro analysis suggests the company is currently undervalued, with analysts setting price targets between $13 and $17. While the company posted a loss in the last twelve months, analysts expect profitability this year. Subscribers to InvestingPro can access additional insights, including 5 more exclusive ProTips about ABL's financial outlook.
In other recent news, Abacus Life Inc. saw its stock offering receive a boost from B.Riley, which maintained its Buy rating and increased the price target from $16.00 to $17.00. This adjustment came after the company's $100 million common stock offering, which included $20 million in secondary shares. The firm's analyst cited increased earnings per share (EPS) estimates as a reason for the price target change, with projections for the fourth quarter of 2024's adjusted EPS raised from $0.16 to $0.18.
On the other hand, 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 and $93 million deployed during the quarter. 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.
In terms of mergers, Abacus Life expanded its assets under management through the strategic acquisitions of FCF Advisors and Carlisle Management Company SCA. These purchases are projected to significantly increase its assets under management. Other recent developments include the appointment of Elena Plesco as its new Chief Capital Officer, signaling a focus on capital management strategies and global expansion efforts.
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