Abacus Life (NASDAQ:ABL) Stock Price Down 7.1% – Time to Sell?

Shares of Abacus Life, Inc. (NASDAQ:ABL) traded down 7.1% during mid-day trading on Tuesday . The stock traded as low as $5.68 and last traded at $5.64. 444,874 shares traded hands during mid-day trading, an increase of 39% from the average session volume of 319,091 shares. The stock had previously closed at $6.07.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Maxim Group assumed coverage on shares of Abacus Life in a report on Tuesday, April 29th. They issued a “buy” rating and a $14.00 target price on the stock. Piper Sandler raised their target price on shares of Abacus Life from $11.50 to $12.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $14.08.

Abacus Life Stock Performance

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 business’s 50 day moving average is $7.79 and its two-hundred day moving average is $7.67. The company has a market cap of $546.25 million, a PE ratio of -31.41 and a beta of 0.11.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $44.14 million for the quarter, compared to the consensus estimate of $39.51 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. On average, equities research analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Millennium Management LLC grew its position in shares of Abacus Life by 1,629.1% during the fourth quarter. Millennium Management LLC now owns 192,019 shares of the company’s stock valued at $1,504,000 after purchasing an additional 180,914 shares in the last quarter. Two Sigma Investments LP purchased a new position in shares of Abacus Life during the fourth quarter valued at about $617,000. Jane Street Group LLC purchased a new position in shares of Abacus Life during the fourth quarter valued at about $282,000. Royce & Associates LP increased its holdings in shares of Abacus Life by 339.9% in the 4th quarter. Royce & Associates LP now owns 1,306,431 shares of the company’s stock worth $10,229,000 after buying an additional 1,009,431 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Abacus Life by 356.0% in the 4th quarter. Renaissance Technologies LLC now owns 210,500 shares of the company’s stock worth $1,648,000 after buying an additional 164,334 shares during the last quarter.

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.