Abacus Life, Inc. (NASDAQ:ABL) Sees Large Increase in Short Interest

Abacus Life, Inc. (NASDAQ:ABL) saw a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 884,800 shares, an increase of 124.6% from the September 15th total of 393,900 shares. Currently, 7.0% of the shares of the company are sold short. Based on an average daily trading volume, of 93,100 shares, the days-to-cover ratio is currently 9.5 days.

Abacus Life Stock Performance

NASDAQ:ABL opened at $9.74 on Friday. The firm’s fifty day simple moving average is $10.07 and its 200 day simple moving average is $10.50. Abacus Life has a 1 year low of $5.75 and a 1 year high of $13.25. The firm has a market capitalization of $622.63 million, a PE ratio of 487.00 and a beta of 0.12. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.59.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings results on Monday, August 12th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The firm had revenue of $29.08 million for the quarter, compared to the consensus estimate of $28.57 million. Abacus Life had a negative net margin of 6.19% and a positive return on equity of 7.02%. During the same quarter in the previous year, the company earned $0.13 earnings per share. On average, sell-side analysts anticipate that Abacus Life will post 0.57 EPS for the current year.

Institutional Investors Weigh In On Abacus Life

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. bought a new stake in Abacus Life during the 2nd quarter worth about $8,105,000. Mendon Capital Advisors Corp acquired a new stake in Abacus Life in the 2nd quarter valued at approximately $4,974,000. Clearbridge Investments LLC acquired a new stake in shares of Abacus Life in the second quarter valued at approximately $4,342,000. Richard W. Paul & Associates LLC grew its position in Abacus Life by 4.8% in the second 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Abacus Life in the 2nd quarter valued at about $9,909,000.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. B. Riley Financial reaffirmed a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. TD Cowen started coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price target on the stock. Piper Sandler initiated coverage on shares of Abacus Life in a research note on Wednesday, June 26th. They set an “overweight” rating and a $12.00 price objective for the company. Finally, B. Riley reaffirmed a “buy” rating and issued a $16.00 target price (up previously from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. Four investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $14.50.

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.