Abacus Life (NASDAQ:ABL) Announces Earnings Results, Beats Estimates By $0.02 EPS

Abacus Life (NASDAQ:ABL) released its quarterly earnings results on Thursday. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02, Zacks reports. The business had revenue of $62.98 million for the quarter, compared to analysts’ expectations of $47.42 million. Abacus Life had a negative net margin of 0.72% and a positive return on equity of 17.65%.

Abacus Life Stock Up 22.2%

NASDAQ:ABL traded up $1.17 during trading hours on Friday, hitting $6.45. 2,276,575 shares of the company’s stock traded hands, compared to its average volume of 650,700. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market cap of $624.10 million, a P/E ratio of -107.50 and a beta of -0.02. The stock’s fifty day moving average price is $5.99 and its two-hundred day moving average price is $6.38. Abacus Life has a twelve month low of $4.60 and a twelve month high of $9.61.

Wall Street Analyst Weigh In

Several brokerages have commented on ABL. Wall Street Zen upgraded shares of Abacus Life from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Abacus Life in a research report on Wednesday, October 8th. Finally, Piper Sandler reduced their price objective on Abacus Life from $10.00 to $9.00 and set an “overweight” rating for the company in a research note on Thursday, October 9th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Abacus Life has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Hedge Funds Weigh In On Abacus Life

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Abacus Life by 97.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,456,067 shares of the company’s stock worth $14,073,000 after purchasing an additional 1,214,422 shares during the last quarter. Marshall Wace LLP raised its position in Abacus Life by 175.5% during the second quarter. Marshall Wace LLP now owns 657,251 shares of the company’s stock valued at $3,378,000 after acquiring an additional 418,660 shares in the last quarter. Bank of America Corp DE lifted its stake in Abacus Life by 155.2% in the second quarter. Bank of America Corp DE now owns 667,895 shares of the company’s stock valued at $3,433,000 after acquiring an additional 406,143 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Abacus Life by 13.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,928,293 shares of the company’s stock worth $14,443,000 after acquiring an additional 221,712 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Abacus Life by 1,264.1% during the 2nd quarter. Squarepoint Ops LLC now owns 217,430 shares of the company’s stock valued at $1,118,000 after purchasing an additional 201,490 shares in the last quarter.

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.