B. Riley Forecasts Strong Price Appreciation for Abacus Life (NASDAQ:ABL) Stock

Abacus Life (NASDAQ:ABL) had its price target boosted by stock analysts at B. Riley from $16.00 to $17.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price objective suggests a potential upside of 121.35% from the stock’s current price.

A number of other research analysts also recently weighed in on the company. B. Riley Financial reissued a “buy” rating and issued a $16.00 price target on shares of Abacus Life in a research note on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Northland Securities started coverage on shares of Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 target price for the company. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Finally, TD Cowen began coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 target price for the company. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $14.70.

Abacus Life Price Performance

Shares of ABL traded up $0.13 during mid-day trading on Monday, hitting $7.68. 220,870 shares of the company traded hands, compared to its average volume of 76,177. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The business has a 50-day moving average of $9.30 and a 200 day moving average of $9.81. Abacus Life has a one year low of $6.56 and a one year high of $13.25. The stock has a market capitalization of $573.31 million, a price-to-earnings ratio of -42.66 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 for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $28.15 million during the quarter, compared to the consensus estimate 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 previous year, the company posted $0.01 earnings per share. As a group, equities analysts expect that Abacus Life will post 0.62 earnings per share for the current fiscal year.

Institutional Trading of Abacus Life

Several hedge funds have recently added to or reduced their stakes in ABL. Geode Capital Management LLC boosted its stake in shares of Abacus Life by 439.6% in the third quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock valued at $1,741,000 after buying an additional 140,054 shares during the period. Charles Schwab Investment Management Inc. bought a new stake in shares of Abacus Life during the 3rd quarter valued at approximately $614,000. Royce & Associates LP increased its holdings in shares of Abacus Life by 35.0% during the third quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after buying an additional 77,000 shares in the last quarter. Curi RMB Capital LLC lifted its stake in shares of Abacus Life by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after acquiring an additional 12,765 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Abacus Life by 7.9% during the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after acquiring an additional 74,172 shares in the last quarter.

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.