Abacus Life (NASDAQ:ABL) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Abacus Life (NASDAQ:ABL) announced its quarterly earnings results on Thursday. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02, Zacks reports. The firm had revenue of $62.98 million during the quarter, compared to the consensus estimate of $47.42 million. Abacus Life had a negative net margin of 0.72% and a positive return on equity of 17.65%.

Abacus Life Trading Up 22.2%

ABL traded up $1.17 on Friday, reaching $6.45. 2,276,611 shares of the company traded hands, compared to its average volume of 650,701. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.57. The company has a market cap of $624.10 million, a P/E ratio of -107.50 and a beta of -0.02. The firm has a fifty day simple moving average of $5.99 and a two-hundred day simple moving average of $6.38. Abacus Life has a one year low of $4.60 and a one year high of $9.61.

Institutional Trading of Abacus Life

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Abacus Life by 97.8% in the third quarter. Vanguard Group Inc. now owns 2,456,067 shares of the company’s stock worth $14,073,000 after purchasing an additional 1,214,422 shares in the last quarter. Marshall Wace LLP grew its position in shares of Abacus Life by 175.5% during the 2nd quarter. Marshall Wace LLP now owns 657,251 shares of the company’s stock worth $3,378,000 after buying an additional 418,660 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Abacus Life by 155.2% during the second quarter. Bank of America Corp DE now owns 667,895 shares of the company’s stock valued at $3,433,000 after buying an additional 406,143 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Abacus Life by 13.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,928,293 shares of the company’s stock valued at $14,443,000 after acquiring an additional 221,712 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its stake in Abacus Life by 1,264.1% in the second quarter. Squarepoint Ops LLC now owns 217,430 shares of the company’s stock worth $1,118,000 after acquiring an additional 201,490 shares during the period.

Analysts Set New Price Targets

ABL has been the topic of a number of recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Abacus Life in a research report on Wednesday, October 8th. Piper Sandler decreased their price target on Abacus Life from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. Finally, Wall Street Zen raised shares of Abacus Life from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.67.

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.