Abacus Life (NASDAQ:ABL) Shares Up 6.6% – Here’s Why

Abacus Life, Inc. (NASDAQ:ABL) shares traded up 6.6% on Friday . The company traded as high as $7.67 and last traded at $7.60. 163,019 shares traded hands during mid-day trading, an increase of 5% from the average session volume of 155,551 shares. The stock had previously closed at $7.13.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ABL shares. B. Riley lowered their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Piper Sandler reduced their price objective on Abacus Life from $13.00 to $11.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $14.00.

Abacus Life Price Performance

The firm has a market cap of $760.30 million, a price-to-earnings ratio of -43.61 and a beta of 0.16. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock’s fifty day moving average price is $7.49 and its 200-day moving average price is $8.05.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data on Thursday, March 27th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.03. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The company had revenue of $33.21 million during the quarter, compared to analyst estimates of $28.76 million. As a group, equities research analysts forecast that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Trading of Abacus Life

Hedge funds and other institutional investors have recently modified their holdings of the business. Zimmer Partners LP boosted its stake in Abacus Life by 2.7% during the fourth quarter. Zimmer Partners LP now owns 617,910 shares of the company’s stock worth $4,838,000 after buying an additional 16,457 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Abacus Life in the 4th quarter worth approximately $113,000. Two Sigma Investments LP purchased a new position in shares of Abacus Life during the 4th quarter worth approximately $617,000. Seven Grand Managers LLC increased its holdings in Abacus Life by 306.0% in the 4th quarter. Seven Grand Managers LLC now owns 507,485 shares of the company’s stock valued at $3,974,000 after purchasing an additional 382,485 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in Abacus Life by 2.5% in the fourth quarter. Point72 Asset Management L.P. now owns 323,432 shares of the company’s stock valued at $2,532,000 after purchasing an additional 7,838 shares during the period.

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.