Matthew Ganovsky, the Co-Founder and President of Abacus Life, Inc. (NASDAQ:ABL), recently sold 75,800 shares of the company's common stock. The shares were sold at a price of $8 each, resulting in a total transaction value of $606,400. The sale price represents a slight premium to the current trading price of $7.80, with the stock down over 20% year-to-date. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $13 to $17. Following this sale, Ganovsky retains direct ownership of 10,014,154 shares. It's important to note that this figure does not include an additional 2,347,046 shares held in trusts, for which Ganovsky disclaims beneficial ownership. While the company currently shows an overall "Fair" financial health score, InvestingPro subscribers can access 6 additional key insights about ABL's financial outlook and valuation metrics.
In other recent news, Abacus Life, Inc. has seen significant developments in its financial landscape. The company's robust financial results for the quarter ending June 30, 2024, revealed over $100 million in investments. In addition, Abacus Life has expanded its assets under management through strategic acquisitions of FCF Advisors and Carlisle Management Company SCA.
In terms of executive moves, the company's Compensation Committee adopted a new Restricted Stock Unit Award Agreement, granting 125,000 restricted stock units to CFO, William H. McCauley, Jr. This new compensation arrangement is part of Abacus Life's efforts to align the interests of its executives with those of its shareholders.
Several analyst firms have also made significant adjustments in their outlook on Abacus Life. B.Riley maintained its Buy rating and increased its price target from $16.00 to $17.00, following the company's $100 million common stock offering. Piper Sandler raised its price target from $12.00 to $13.00, reflecting the company's strong revenue and adjusted EBITDA performance. Furthermore, Northland initiated coverage on Abacus Life shares with an Outperform rating and a price target of $13.50, indicating confidence in the company's growth prospects.
Lastly, the company appointed Elena Plesco as its new Chief Capital Officer, signaling a focus on capital management strategies and global expansion. These are the recent developments for Abacus Life Inc.
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