Abacus Life (NASDAQ:ABL) Earns “Buy” Rating from B. Riley

B. Riley reissued their buy rating on shares of Abacus Life (NASDAQ:ABL) in a research note issued to investors on Thursday, Benzinga reports. B. Riley currently has a $16.00 target price on the stock, up from their previous target price of $15.00. B. Riley also issued estimates for Abacus Life’s Q3 2024 earnings at $0.14 EPS and FY2024 earnings at $0.58 EPS.

A number of other research analysts have also issued reports on the company. B. Riley Financial lowered their target price on Abacus Life from $16.00 to $15.00 and set a buy rating on the stock in a report on Monday, June 24th. TD Cowen assumed coverage on shares of Abacus Life in a research note on Wednesday, August 7th. They issued a buy rating and a $14.00 price objective on the stock. Finally, Piper Sandler began coverage on shares of Abacus Life in a report on Wednesday, June 26th. They issued an overweight rating and a $12.00 target price on the stock. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $14.50.

Abacus Life Price Performance

NASDAQ ABL opened at $10.21 on Thursday. Abacus Life has a 12 month low of $5.75 and a 12 month high of $13.25. The firm has a market capitalization of $762.18 million, a PE ratio of 510.76 and a beta of 0.12. The company’s 50 day simple moving average is $9.57 and its 200 day simple moving average is $10.87. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings results on Monday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. Abacus Life had a positive return on equity of 7.02% and a negative net margin of 6.19%. The firm had revenue of $29.08 million during the quarter, compared to analyst estimates of $28.57 million. During the same period last year, the company posted $0.13 EPS. As a group, equities research analysts forecast that Abacus Life will post 0.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Abacus Life

Hedge funds and other institutional investors have recently modified their holdings of the stock. Inscription Capital LLC acquired a new stake in Abacus Life during the 1st quarter worth about $137,000. Renaissance Technologies LLC purchased a new position in shares of Abacus Life in the second quarter worth approximately $106,000. Levin Capital Strategies L.P. acquired a new stake in shares of Abacus Life during the second quarter valued at approximately $130,000. Richard W. Paul & Associates LLC lifted its position in shares of Abacus Life by 4.8% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock valued at $263,000 after acquiring an additional 1,401 shares in the last quarter. Finally, Quarry LP acquired a new position in Abacus Life in the 2nd quarter worth approximately $318,000.

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.