Abacus Life (NASDAQ:ABL) Sees Large Volume Increase – Here’s What Happened

Abacus Life, Inc. (NASDAQ:ABL) shares saw strong trading volume on Monday . 87,392 shares traded hands during mid-day trading, a decline of 39% from the previous session’s volume of 142,497 shares.The stock last traded at $7.30 and had previously closed at $7.62.

Wall Street Analyst Weigh In

Separately, B. Riley dropped their target price on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $14.30.

Abacus Life Price Performance

The firm has a market cap of $712.37 million, a P/E ratio of -41.00 and a beta of 0.14. The stock’s 50-day moving average is $7.62 and its 200-day moving average is $8.27. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

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

Institutional Trading of Abacus Life

Institutional investors have recently modified their holdings of the company. Zimmer Partners LP lifted its position in Abacus Life by 2.7% in the fourth quarter. Zimmer Partners LP now owns 617,910 shares of the company’s stock worth $4,838,000 after purchasing an additional 16,457 shares during the period. Squarepoint Ops LLC bought a new position in shares of Abacus Life during the 4th quarter worth about $113,000. Two Sigma Investments LP bought a new position in shares of Abacus Life during the 4th quarter worth about $617,000. Seven Grand Managers LLC boosted its position in shares of Abacus Life by 306.0% during the 4th quarter. Seven Grand Managers LLC now owns 507,485 shares of the company’s stock valued at $3,974,000 after acquiring an additional 382,485 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake 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 acquiring an additional 7,838 shares during the period.

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.