Abacus Life (NASDAQ:ABL) Trading 9.2% Higher – Should You Buy?

Shares of Abacus Life, Inc. (NASDAQ:ABL) shot up 9.2% during mid-day trading on Wednesday . The company traded as high as $9.00 and last traded at $8.98. 32,218 shares were traded during trading, a decline of 49% from the average session volume of 63,355 shares. The stock had previously closed at $8.22.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ABL. Northland Securities began coverage on Abacus Life in a research report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target on the stock. Piper Sandler reissued an “overweight” rating and issued a $13.00 target price (up from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. B. Riley Financial reissued a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. Northland Capmk raised Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Finally, B. Riley reissued a “buy” rating and issued a $16.00 target price (up from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. Five research 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.com, the company presently has an average rating of “Buy” and a consensus target price of $14.50.

Abacus Life Stock Performance

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a 50-day moving average of $9.55 and a 200-day moving average of $10.00.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The company had revenue of $28.15 million for the quarter, compared to analyst estimates of $26.08 million. During the same period in the prior year, the company earned $0.01 earnings per share. On average, analysts expect that Abacus Life, Inc. will post 0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Abacus Life

Several hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in Abacus Life in the second quarter valued at $9,909,000. Principal Financial Group Inc. boosted its stake 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 worth $10,233,000 after acquiring an additional 74,172 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Abacus Life during the 2nd quarter worth about $5,190,000. Curi RMB Capital LLC boosted its stake in shares of Abacus Life by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after acquiring an additional 12,765 shares in the last quarter. Finally, Mendon Capital Advisors Corp purchased a new stake in shares of Abacus Life during the 2nd quarter worth about $4,974,000.

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.