Abacus Life (NASDAQ:ABL) Reaches New 52-Week Low – Time to Sell?

Abacus Life, Inc. (NASDAQ:ABL)’s share price hit a new 52-week low during trading on Thursday . The stock traded as low as $5.10 and last traded at $6.00, with a volume of 8902652 shares. The stock had previously closed at $7.64.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ABL shares. Piper Sandler raised their target price on Abacus Life from $11.50 to $12.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Maxim Group initiated coverage on Abacus Life in a research report on Tuesday, April 29th. They issued a “buy” rating and a $14.00 price target for the company. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $14.08.

Abacus Life Price Performance

The stock has a market cap of $585.96 million, a PE ratio of -33.61 and a beta of 0.11. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The business has a 50 day moving average price of $7.92 and a two-hundred day moving average price of $7.76.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. The business had revenue of $44.14 million for the quarter, compared to analysts’ expectations of $39.51 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. Research analysts expect that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABL. State of Wyoming purchased a new position in shares of Abacus Life during the 1st quarter valued at $105,000. Squarepoint Ops LLC bought a new stake in Abacus Life in the 4th quarter valued at about $113,000. JPMorgan Chase & Co. lifted its holdings 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 boosted its position in Abacus Life by 31.0% during the fourth quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock worth $182,000 after purchasing an additional 5,507 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of Abacus Life in the fourth quarter worth about $193,000.

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.