Short Interest in Abacus Life, Inc. (NASDAQ:ABL) Increases By 124.6%

Abacus Life, Inc. (NASDAQ:ABL) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 884,800 shares, a growth of 124.6% from the September 15th total of 393,900 shares. Based on an average daily volume of 93,100 shares, the days-to-cover ratio is presently 9.5 days. Currently, 7.0% of the shares of the company are short sold.

Institutional Investors Weigh In On Abacus Life

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mendon Capital Advisors Corp bought a new position in shares of Abacus Life during the 2nd quarter valued at $4,974,000. Clearbridge Investments LLC bought a new position in shares of Abacus Life during the 2nd quarter valued at $4,342,000. Point72 Asset Management L.P. bought a new position in shares of Abacus Life during the 2nd quarter valued at $5,190,000. Quarry LP bought a new position in shares of Abacus Life during the 2nd quarter valued at $318,000. Finally, Sei Investments Co. bought a new position in shares of Abacus Life during the 2nd quarter valued at $418,000.

Abacus Life Stock Up 5.1 %

ABL stock opened at $10.24 on Friday. Abacus Life has a 12-month low of $5.75 and a 12-month high of $13.25. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.59. The company has a market cap of $764.42 million, a price-to-earnings ratio of -102.39 and a beta of 0.12. The company has a 50 day moving average of $10.08 and a two-hundred day moving average of $10.48.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ABL shares. B. Riley Financial restated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. B. Riley restated a “buy” rating and issued a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. TD Cowen initiated coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price target for the company. Finally, Piper Sandler initiated coverage on shares of Abacus Life in a research report on Wednesday, June 26th. They issued an “overweight” rating and a $12.00 price target for the company. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $14.50.

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.