Abacus Life (NASDAQ:ABL) Shares Gap Up After Strong Earnings

Abacus Life, Inc. (NASDAQ:ABL)’s stock price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $7.15, but opened at $7.73. Abacus Life shares last traded at $7.98, with a volume of 210,753 shares traded.

The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. The business had revenue of $33.21 million for the quarter, compared to analyst estimates of $28.76 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%.

Wall Street Analysts Forecast Growth

Separately, B. Riley dropped their price objective on shares of 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 equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $14.30.

Hedge Funds Weigh In On Abacus Life

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geneos Wealth Management Inc. bought a new stake in shares of Abacus Life in the 4th quarter worth $110,000. Squarepoint Ops LLC bought a new position in shares of Abacus Life during the 4th quarter valued at about $113,000. JPMorgan Chase & Co. lifted its stake in Abacus Life by 640.9% during the fourth quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company’s stock valued at $131,000 after purchasing an additional 14,420 shares during the last quarter. LPL Financial LLC grew its holdings in shares of Abacus Life by 31.0% in the 4th quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock worth $182,000 after acquiring an additional 5,507 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Abacus Life in the fourth quarter valued at $193,000.

Abacus Life Trading Up 11.6 %

The business’s 50-day simple moving average is $7.61 and its 200-day simple moving average is $8.31. The company has a market cap of $771.23 million, a PE ratio of -44.33 and a beta of 0.14. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65.

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.