Abacus Life (NASDAQ:ABL) Shares Up 7.1% – Should You Buy?

Abacus Life, Inc. (NASDAQ:ABL)’s share price rose 7.1% during mid-day trading on Wednesday . The stock traded as high as $9.09 and last traded at $9.03. Approximately 44,389 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 62,930 shares. The stock had previously closed at $8.43.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ABL shares. Piper Sandler reiterated an “overweight” rating and set a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. TD Cowen initiated coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective for the company. B. Riley Financial reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a research report on Friday, August 30th. Northland Securities assumed coverage on Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price for the company. Finally, B. Riley reissued a “buy” rating and issued a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $14.50.

Abacus Life Stock Down 13.3 %

The firm’s 50-day simple moving average is $9.36 and its 200 day simple moving average is $9.87. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market capitalization of $563.62 million, a P/E ratio of -42.28 and a beta of 0.15.

Abacus Life (NASDAQ:ABL) last released its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. The business had revenue of $28.15 million for the quarter, compared to analyst estimates of $26.08 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. During the same quarter in the prior year, the company posted $0.01 earnings per share. As a group, research analysts expect that Abacus Life, Inc. will post 0.62 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ABL. Allspring Global Investments Holdings LLC bought a new stake in Abacus Life in the 2nd quarter valued at $9,909,000. Principal Financial Group Inc. acquired a new position in shares of Abacus Life in the second quarter valued at $8,105,000. Point72 Asset Management L.P. bought a new position in shares of Abacus Life in the second quarter valued at about $5,190,000. Mendon Capital Advisors Corp acquired a new stake in shares of Abacus Life during the 2nd quarter worth about $4,974,000. Finally, Clearbridge Investments LLC bought a new stake in shares of Abacus Life during the 2nd quarter worth about $4,342,000.

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.