Abacus Life (NASDAQ:ABL) Sees Unusually-High Trading Volume After Analyst Upgrade

Shares of 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 traded 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.

Other equities analysts also recently issued research reports about the company. Piper Sandler restated an “overweight” rating and set a $13.00 target price (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Northland Securities started coverage on shares of Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective for the company. B. Riley Financial reiterated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. Finally, TD Cowen started coverage on Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price target on the stock. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $14.70.

Hedge Funds Weigh In On Abacus Life

Institutional investors and hedge funds have recently modified their holdings of the stock. Richard W. Paul & Associates LLC lifted its position in shares of Abacus Life by 4.8% during the second quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after purchasing an additional 1,401 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Abacus Life in the 2nd quarter valued at about $106,000. Curi RMB Capital LLC boosted its position in Abacus Life by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after buying an additional 12,765 shares during the period. Levin Capital Strategies L.P. bought a new position in Abacus Life in the 2nd quarter worth about $130,000. Finally, Quarry LP purchased a new position in shares of Abacus Life during the second quarter worth approximately $318,000.

Abacus Life Stock Up 0.5 %

The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock has a market cap of $566.59 million, a P/E ratio of -42.66 and a beta of 0.15. The company’s 50 day moving average price is $9.30 and its two-hundred day moving average price is $9.81.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $26.08 million. During the same period in the prior year, the firm earned $0.01 earnings per share. As a group, research analysts expect 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.