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

Abacus Life, Inc. (NASDAQ:ABL) saw a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 671,700 shares, a decrease of 24.1% from the September 30th total of 884,800 shares. Based on an average trading volume of 89,000 shares, the short-interest ratio is presently 7.5 days. Currently, 5.3% of the company’s stock are sold short.

Institutional Investors Weigh In On Abacus Life

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

Analyst Ratings Changes

A number of equities research analysts recently commented on ABL shares. TD Cowen assumed coverage on Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price target for the company. B. Riley Financial reissued a “buy” rating and set a $16.00 price target on shares of Abacus Life in a report on Friday, August 30th. B. Riley reaffirmed a “buy” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Abacus Life in a report on Thursday, August 29th. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Finally, Northland Securities initiated coverage on Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price target for the company. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Abacus Life has an average rating of “Buy” and a consensus target price of $14.30.

Abacus Life Stock Down 0.3 %

Shares of NASDAQ ABL opened at $9.00 on Tuesday. The company has a market capitalization of $575.33 million, a P/E ratio of 450.00 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 company has a 50 day simple moving average of $9.91 and a 200-day simple moving average of $10.26. Abacus Life has a 1 year low of $5.75 and a 1 year high of $13.25.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data 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 analysts’ expectations of $28.57 million. During the same period in the previous year, the firm posted $0.13 earnings per share. On average, equities research analysts predict that Abacus Life will post 0.57 earnings per share for the current year.

About Abacus Life

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.