Abacus Life (NASDAQ:ABL) Shares Gap Up – Here’s What Happened

Abacus Life, Inc. (NASDAQ:ABL) shares gapped up prior to trading on Wednesday . The stock had previously closed at $6.18, but opened at $6.47. Abacus Life shares last traded at $6.24, with a volume of 163,076 shares trading hands.

Wall Street Analyst Weigh In

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

Abacus Life Price Performance

The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The business’s fifty day moving average is $7.82 and its 200 day moving average is $7.70. The firm has a market capitalization of $565.62 million, a P/E ratio of -32.44 and a beta of 0.11.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $44.14 million for the quarter, compared to analyst estimates of $39.51 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. As a group, analysts forecast that Abacus Life, Inc. will post 0.62 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ABL. Alyeska Investment Group L.P. raised its position in Abacus Life by 116.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company’s stock valued at $19,894,000 after buying an additional 1,367,210 shares during the period. Goldman Sachs Group Inc. raised its position in Abacus Life by 13.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,928,293 shares of the company’s stock valued at $14,443,000 after buying an additional 221,712 shares during the period. Royce & Associates LP raised its position in Abacus Life by 39.6% during the first quarter. Royce & Associates LP now owns 1,824,253 shares of the company’s stock valued at $13,664,000 after buying an additional 517,822 shares during the period. Mendon Capital Advisors Corp raised its position in Abacus Life by 9.1% during the first quarter. Mendon Capital Advisors Corp now owns 1,422,171 shares of the company’s stock valued at $10,652,000 after buying an additional 118,345 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in Abacus Life by 23.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company’s stock valued at $10,830,000 after buying an additional 263,036 shares during the period.

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.