Renaissance Technologies LLC Makes New Investment in Abacus Life, Inc. (NASDAQ:ABL)

Renaissance Technologies LLC purchased a new stake in Abacus Life, Inc. (NASDAQ:ABL) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 12,200 shares of the company’s stock, valued at approximately $106,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Richard W. Paul & Associates LLC boosted its stake in shares of Abacus Life by 4.8% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock valued at $263,000 after purchasing an additional 1,401 shares during the last quarter. Inscription Capital LLC acquired a new position in Abacus Life in the first quarter valued at approximately $137,000. Levin Capital Strategies L.P. acquired a new position in Abacus Life in the second quarter valued at approximately $130,000. Stieven Capital Advisors L.P. bought a new position in shares of Abacus Life during the 2nd quarter worth approximately $2,811,000. Finally, Principal Financial Group Inc. acquired a new stake in shares of Abacus Life during the 2nd quarter worth approximately $8,105,000.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ABL shares. B. Riley reissued a “buy” rating and set a $16.00 target price (up from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. TD Cowen initiated 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 Financial restated a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. Finally, Piper Sandler started coverage on Abacus Life in a report on Wednesday, June 26th. They set an “overweight” rating and a $12.00 price objective for the company. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $14.50.

Abacus Life Stock Up 5.1 %

Abacus Life stock opened at $10.24 on Monday. Abacus Life, Inc. has a fifty-two week low of $5.75 and a fifty-two week high of $13.25. The firm’s 50-day simple moving average is $10.08 and its 200 day simple moving average is $10.46. The stock has a market cap of $654.59 million, a PE ratio of 512.00 and a beta of 0.12. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.84 and a current ratio of 1.84.

Abacus Life (NASDAQ:ABL) last released 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. 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 previous year, the company earned $0.13 earnings per share. Research analysts predict that Abacus Life, Inc. will post 0.57 EPS for the current fiscal year.

Abacus Life 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.