Abacus Life (NASDAQ:ABL) Trading Up 7.2% – What’s Next?

Abacus Life, Inc. (NASDAQ:ABL) shares traded up 7.2% during trading on Wednesday . The company traded as high as $7.90 and last traded at $7.86. 218,349 shares traded hands during mid-day trading, an increase of 51% from the average session volume of 144,654 shares. The stock had previously closed at $7.33.

Analysts Set New Price Targets

Separately, B. Riley cut their target price on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $14.30.

Abacus Life Price Performance

The stock’s 50 day moving average price is $7.61 and its two-hundred day moving average price is $8.24. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $756.73 million, a price-to-earnings ratio of -43.50 and a beta of 0.14.

Abacus Life (NASDAQ:ABL) last posted its earnings results 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 firm had revenue of $33.21 million during the quarter, compared to analyst estimates of $28.76 million. Analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Alyeska Investment Group L.P. lifted its position in shares of Abacus Life by 116.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company’s stock worth $19,894,000 after purchasing an additional 1,367,210 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Abacus Life by 339.9% during the fourth 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. Kennedy Capital Management LLC bought a new stake in shares of Abacus Life in the fourth quarter valued at approximately $7,461,000. Monashee Investment Management LLC acquired a new stake in shares of Abacus Life in the fourth quarter worth $6,342,000. Finally, Mendon Capital Advisors Corp increased its position in Abacus Life by 137.1% during the fourth quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company’s stock worth $10,209,000 after acquiring an additional 753,826 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.