Abacus Life (NASDAQ:ABL) Stock Price Up 2.8%

Abacus Life, Inc. (NASDAQ:ABL) rose 2.8% on Wednesday . The stock traded as high as $10.15 and last traded at $10.15. Approximately 1,784 shares were traded during trading, a decline of 97% from the average daily volume of 54,435 shares. The stock had previously closed at $9.87.

Analyst Ratings Changes

ABL has been the topic of several recent research reports. TD Cowen assumed 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 on the stock. Piper Sandler assumed coverage on shares of Abacus Life in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $12.00 price target on the stock. B. Riley Financial reiterated a “buy” rating and issued a $16.00 price target on shares of Abacus Life in a research note on Friday, August 30th. Finally, B. Riley reiterated a “buy” rating and issued a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $14.50.

Abacus Life Stock Performance

The firm has a market cap of $646.28 million, a PE ratio of 493.50 and a beta of 0.12. The business has a 50 day simple moving average of $9.87 and a two-hundred day simple moving average of $10.69. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.59.

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

Institutional Investors Weigh In On Abacus Life

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