Abacus Life (NASDAQ:ABL) Shares Gap Up Following Strong Earnings

Abacus Life, Inc. (NASDAQ:ABL)’s share price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $7.15, but opened at $7.73. Abacus Life shares last traded at $7.98, with a volume of 210,753 shares.

The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. The business had revenue of $33.21 million for the quarter, compared to analysts’ expectations of $28.76 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%.

Analyst Upgrades and Downgrades

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

Institutional Trading of Abacus Life

Several large investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. purchased a new stake in shares of Abacus Life in the 4th quarter worth about $110,000. Squarepoint Ops LLC bought a new position in Abacus Life in the fourth quarter worth about $113,000. JPMorgan Chase & Co. lifted its holdings in Abacus Life by 640.9% in the fourth quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company’s stock worth $131,000 after buying an additional 14,420 shares during the period. LPL Financial LLC boosted its position in Abacus Life by 31.0% during the 4th quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock valued at $182,000 after acquiring an additional 5,507 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Abacus Life during the 4th quarter worth approximately $193,000.

Abacus Life Price Performance

The stock has a market cap of $736.43 million, a P/E ratio of -42.33 and a beta of 0.14. 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 firm has a 50-day moving average price of $7.62 and a 200-day moving average price of $8.30.

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.