Abacus Life (NASDAQ:ABL) Shares Down 4.9% – Here’s What Happened

Abacus Life, Inc. (NASDAQ:ABL)’s stock price dropped 4.9% on Tuesday . The company traded as low as $9.07 and last traded at $9.07. Approximately 2,709 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 64,506 shares. The stock had previously closed at $9.54.

Wall Street Analysts Forecast Growth

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

Abacus Life Trading Down 6.3 %

The company has a market capitalization of $571.49 million, a P/E ratio of 453.00 and a beta of 0.12. The stock has a 50 day moving average of $10.07 and a 200-day moving average of $10.36. 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 earnings results on Monday, August 12th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.05. The company had revenue of $29.08 million during the quarter, compared to analysts’ expectations 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 period last year, the company posted $0.13 earnings per share. On average, research analysts predict that Abacus Life, Inc. will post 0.57 EPS for the current year.

Institutional Trading of Abacus Life

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

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.