Abacus Life (NASDAQ:ABL) Shares Gap Up – What’s Next?

Abacus Life, Inc. (NASDAQ:ABL)’s share price gapped up before the market opened on Friday . The stock had previously closed at $9.74, but opened at $10.00. Abacus Life shares last traded at $10.00, with a volume of 456 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently commented on ABL. TD Cowen began coverage on shares of Abacus Life in a report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price target on the stock. B. Riley reaffirmed a “buy” rating and set a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. B. Riley Financial reiterated a “buy” rating and set a $16.00 price target on shares of Abacus Life in a research note on Friday, August 30th. Finally, Piper Sandler assumed coverage on Abacus Life in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $12.00 price objective on the stock. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $14.50.

Abacus Life Stock Up 5.1 %

The stock has a market capitalization of $654.59 million, a P/E ratio of 512.00 and a beta of 0.12. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a fifty day moving average price of $10.08 and a 200 day moving average price of $10.47.

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

Institutional Investors Weigh In On Abacus Life

A number of institutional investors and hedge funds have recently made changes to their positions in ABL. Mendon Capital Advisors Corp bought a new position in Abacus Life in the 2nd quarter worth about $4,974,000. Clearbridge Investments LLC bought a new position in shares of Abacus Life in the second quarter worth approximately $4,342,000. Point72 Asset Management L.P. purchased a new stake in Abacus Life in the second quarter valued at approximately $5,190,000. Quarry LP bought a new stake in Abacus Life during the second quarter valued at approximately $318,000. Finally, Sei Investments Co. purchased a new position in Abacus Life in the 2nd quarter worth approximately $418,000.

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.