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

Shares of Abacus Life, Inc. (NASDAQ:ABL) traded 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 traded hands during mid-day 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

ABL has been the topic of several analyst reports. B. Riley reiterated a “buy” rating and set a $16.00 target price (up from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. TD Cowen initiated coverage on Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 target price on the stock. B. Riley Financial reiterated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $13.00 price target (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Finally, Northland Capmk raised Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $14.50.

Abacus Life Stock Up 6.4 %

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

Abacus Life (NASDAQ:ABL) last announced 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 firm 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 quarter in the previous year, the business earned $0.01 earnings per share. Analysts anticipate that Abacus Life, Inc. will post 0.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Abacus Life

A number of large investors have recently bought and sold shares of ABL. Allspring Global Investments Holdings LLC acquired a new position in shares of Abacus Life during the second quarter worth $9,909,000. Principal Financial Group Inc. increased its position in shares of Abacus Life by 7.9% during the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after purchasing an additional 74,172 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Abacus Life during the second quarter worth $5,190,000. 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, Mendon Capital Advisors Corp acquired a new position in shares of Abacus Life during the second quarter worth $4,974,000.

Abacus Life Company Profile

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.