Abacus Life, Inc. (NASDAQ:ABL) Sees Large Increase in Short Interest

Abacus Life, Inc. (NASDAQ:ABL) was the target of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 393,900 shares, an increase of 11.8% from the August 31st total of 352,400 shares. Based on an average daily volume of 103,900 shares, the short-interest ratio is currently 3.8 days. Approximately 3.1% of the company’s stock are sold short.

Abacus Life Stock Performance

NASDAQ ABL opened at $10.27 on Friday. The company has a fifty day moving average of $10.13 and a two-hundred day moving average of $10.64. The company has a market capitalization of $656.51 million, a PE ratio of 513.50 and a beta of 0.12. Abacus Life has a 1 year low of $5.75 and a 1 year high of $13.25. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84.

Abacus Life (NASDAQ:ABL) last announced its earnings results on Monday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. The firm had revenue of $29.08 million during the quarter, compared to analysts’ expectations of $28.57 million. Abacus Life had a positive return on equity of 7.02% and a negative net margin of 6.19%. During the same period in the prior year, the firm earned $0.13 EPS. As a group, analysts expect that Abacus Life will post 0.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ABL has been the topic of several recent analyst reports. TD Cowen started coverage on Abacus Life in a report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 target price on the stock. B. Riley reaffirmed a “buy” rating and set a $16.00 price objective (up from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. Piper Sandler assumed coverage on Abacus Life in a research report on Wednesday, June 26th. They set an “overweight” rating and a $12.00 target price on the stock. Finally, B. Riley Financial restated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research note on Friday, August 30th. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $14.50.

Institutional Investors Weigh In On Abacus Life

Several large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Abacus Life during the second quarter worth about $9,909,000. Principal Financial Group Inc. acquired a new stake in Abacus Life during the 2nd quarter worth approximately $8,105,000. Point72 Asset Management L.P. purchased a new position in shares of Abacus Life in the 2nd quarter valued at approximately $5,190,000. Mendon Capital Advisors Corp acquired a new position in shares of Abacus Life in the second quarter valued at approximately $4,974,000. Finally, Clearbridge Investments LLC purchased a new stake in shares of Abacus Life during the second quarter worth approximately $4,342,000.

Abacus Life Company Profile

Abacus Life, Inc operates as an alternative asset manager specializing in life insurance products. It purchases life insurance policies from consumers seeking liquidity and manages policies over time via trading, holding, and/or servicing. The company was founded in 2004 and is based in Orlando, Florida.