Abacus Life (NASDAQ:ABL) Stock Price Up 2.8%

Abacus Life, Inc. (NASDAQ:ABL)’s share price rose 2.8% during trading on Wednesday . The stock traded as high as $10.15 and last traded at $10.15. Approximately 1,784 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 54,435 shares. The stock had previously closed at $9.87.

Analysts Set New Price Targets

ABL has been the subject of several research reports. B. Riley reiterated a “buy” rating and issued a $16.00 target price (up from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. B. Riley Financial reaffirmed a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research note on Friday, August 30th. TD Cowen started coverage on Abacus Life in a research note on Wednesday, August 7th. They set a “buy” rating and a $14.00 target price for the company. Finally, Piper Sandler assumed coverage on Abacus Life in a research note on Wednesday, June 26th. They set an “overweight” rating and a $12.00 target price for the company. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Abacus Life currently has an average rating of “Buy” and a consensus price target of $14.50.

Abacus Life Stock Performance

The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average price of $9.87 and a two-hundred day moving average price of $10.69. The company has a market capitalization of $646.28 million, a PE ratio of 493.50 and a beta of 0.12.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings results on Monday, August 12th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. The business had revenue of $29.08 million during the quarter, compared to analyst estimates of $28.57 million. Abacus Life had a positive return on equity of 7.02% and a negative net margin of 6.19%. During the same quarter in the prior year, the company posted $0.13 EPS. Analysts predict that Abacus Life, Inc. will post 0.57 EPS for the current fiscal year.

Institutional Trading of Abacus Life

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. purchased a new stake in Abacus Life during the 2nd quarter valued at $8,105,000. Richard W. Paul & Associates LLC boosted its stake in Abacus Life by 4.8% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock valued at $263,000 after purchasing an additional 1,401 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Abacus Life during the 2nd quarter valued at $9,909,000. Quarry LP bought a new position in shares of Abacus Life during the 4th quarter valued at $463,000. Finally, Stieven Capital Advisors L.P. bought a new position in shares of Abacus Life during the 2nd quarter valued at $2,811,000.

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.