Piper Sandler Issues Pessimistic Forecast for Abacus Life (NASDAQ:ABL) Stock Price

Abacus Life (NASDAQ:ABL) had its price target reduced by investment analysts at Piper Sandler from $10.00 to $9.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 56.79% from the stock’s current price.

ABL has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Abacus Life in a research note on Wednesday. Wall Street Zen raised Abacus Life from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.88.

Abacus Life Price Performance

ABL stock opened at $5.74 on Thursday. Abacus Life has a 1 year low of $4.60 and a 1 year high of $10.30. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.76 and a current ratio of 0.76. The stock’s 50 day moving average price is $6.28 and its 200 day moving average price is $6.64. The firm has a market cap of $555.40 million, a P/E ratio of -95.67 and a beta of -0.01.

Abacus Life (NASDAQ:ABL) last posted its earnings results on Thursday, August 7th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. Abacus Life had a positive return on equity of 17.65% and a negative net margin of 0.72%.The firm had revenue of $56.23 million for the quarter, compared to analyst estimates of $43.38 million. On average, sell-side analysts expect that Abacus Life will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ABL. AlphaQuest LLC purchased a new position in shares of Abacus Life in the 2nd quarter worth $25,000. Darwin Wealth Management LLC purchased a new position in shares of Abacus Life in the 2nd quarter worth $27,000. Raymond James Financial Inc. purchased a new position in shares of Abacus Life in the 2nd quarter worth $34,000. Legal & General Group Plc purchased a new position in shares of Abacus Life in the 2nd quarter worth $34,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Abacus Life in the 2nd quarter valued at $41,000.

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.