Abacus Life (NASDAQ:ABL) Stock Price Up 7.2% – Still a Buy?

Abacus Life, Inc. (NASDAQ:ABL) was up 7.2% on Wednesday . The stock traded as high as $7.90 and last traded at $7.86. Approximately 218,349 shares changed hands during mid-day trading, an increase of 51% from the average daily volume of 144,654 shares. The stock had previously closed at $7.33.

Wall Street Analysts Forecast Growth

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

Abacus Life Stock Up 6.8 %

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’s fifty day moving average price is $7.61 and its 200 day moving average price is $8.24. The company has a market capitalization of $756.73 million, a P/E ratio of -43.50 and a beta of 0.14.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings results on Thursday, March 27th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. The firm had revenue of $33.21 million during the quarter, compared to analysts’ expectations of $28.76 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. As a group, equities research analysts predict that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Trading of Abacus Life

Several institutional investors have recently bought and sold shares of the stock. Alyeska Investment Group L.P. lifted its holdings in shares of Abacus Life by 116.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company’s stock valued at $19,894,000 after acquiring an additional 1,367,210 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Abacus Life by 23.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company’s stock valued at $10,830,000 after buying an additional 263,036 shares in the last quarter. Royce & Associates LP grew its stake in Abacus Life by 339.9% during the fourth quarter. Royce & Associates LP now owns 1,306,431 shares of the company’s stock worth $10,229,000 after buying an additional 1,009,431 shares during the last quarter. Mendon Capital Advisors Corp increased its holdings in shares of Abacus Life by 137.1% during the fourth quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company’s stock worth $10,209,000 after buying an additional 753,826 shares in the last quarter. Finally, Curi RMB Capital LLC raised its position in Abacus Life by 110.7% in the 4th quarter. Curi RMB Capital LLC now owns 1,159,000 shares of the company’s stock valued at $9,075,000 after purchasing an additional 609,000 shares during the last quarter.

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.