Short Interest in Abacus Life, Inc. (NASDAQ:ABL) Increases By 14.7%

Abacus Life, Inc. (NASDAQ:ABL) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 770,200 shares, an increase of 14.7% from the October 15th total of 671,700 shares. Based on an average daily trading volume, of 87,600 shares, the short-interest ratio is currently 8.8 days. Approximately 6.1% of the company’s shares are short sold.

Hedge Funds Weigh In On Abacus Life

Institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC bought a new position in Abacus Life during the second quarter worth about $106,000. Levin Capital Strategies L.P. bought a new stake in Abacus Life during the second quarter worth about $130,000. Richard W. Paul & Associates LLC raised its stake 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 acquiring an additional 1,401 shares in the last quarter. Quarry LP purchased a new position in shares of Abacus Life in the second quarter worth about $318,000. Finally, Sei Investments Co. bought a new stake in Abacus Life during the 2nd quarter valued at $418,000.

Abacus Life Trading Down 1.7 %

ABL opened at $8.34 on Friday. The stock has a market capitalization of $622.58 million, a P/E ratio of -46.33 and a beta of 0.15. The firm’s fifty day simple moving average is $9.46 and its 200 day simple moving average is $9.96. Abacus Life has a 12 month low of $5.85 and a 12 month high of $13.25. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share 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 firm earned $0.01 earnings per share. As a group, research analysts anticipate that Abacus Life will post 0.6 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Piper Sandler reissued an “overweight” rating and set a $13.00 price target (up from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Northland Securities assumed coverage on Abacus Life in a research report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 target price on the stock. TD Cowen assumed coverage on Abacus Life in a report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price target on the stock. Finally, B. Riley Financial reaffirmed a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research note on Friday, August 30th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $14.50.

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.