Abacus Life (NASDAQ:ABL) Sees Strong Trading Volume Following Analyst Upgrade

Abacus Life, Inc. (NASDAQ:ABL) saw unusually-high trading volume on Monday after B. Riley raised their price target on the stock from $16.00 to $17.00. B. Riley currently has a buy rating on the stock. Approximately 58,908 shares changed hands during trading, a decline of 22% from the previous session’s volume of 75,467 shares.The stock last traded at $7.76 and had previously closed at $7.55.

A number of other brokerages have also commented on ABL. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research report on Thursday, October 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. B. Riley Financial restated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. Northland Securities started 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. Finally, Piper Sandler reissued an “overweight” rating and issued a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $14.70.

Hedge Funds Weigh In On Abacus Life

A number of hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in Abacus Life by 439.6% in the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. purchased a new position in shares of Abacus Life in the third quarter valued at approximately $614,000. Royce & Associates LP boosted its stake in shares of Abacus Life by 35.0% in the third quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after acquiring an additional 77,000 shares during the last quarter. Curi RMB Capital LLC increased its position in shares of Abacus Life by 2.4% during the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after purchasing an additional 12,765 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Abacus Life by 7.9% in the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after purchasing an additional 74,172 shares during the last quarter.

Abacus Life Stock Up 0.5 %

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 fifty day simple moving average of $9.30 and a two-hundred day simple moving average of $9.81. The company has a market cap of $566.59 million, a PE ratio of -42.66 and a beta of 0.15.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $28.15 million during the quarter, compared to analyst estimates 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 period in the prior year, the business earned $0.01 earnings per share. As a group, equities research analysts predict that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

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.