Abacus Life (NASDAQ:ABL) Trading Up 7.1% – Should You Buy?

Abacus Life, Inc. (NASDAQ:ABL)’s share price traded up 7.1% on Wednesday . The company traded as high as $9.09 and last traded at $9.03. 44,389 shares were traded during mid-day trading, a decline of 29% from the average session volume of 62,930 shares. The stock had previously closed at $8.43.

Analysts Set New Price Targets

A number of research firms recently weighed in on ABL. TD Cowen initiated coverage on shares of Abacus Life in a research note on Wednesday, August 7th. They set a “buy” rating and a $14.00 target price on the stock. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Piper Sandler restated an “overweight” rating and set a $13.00 target price (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. B. Riley Financial reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a research note on Friday, August 30th. Finally, B. Riley reiterated a “buy” rating and set a $16.00 target price (up from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $14.50.

Abacus Life Stock Up 5.1 %

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 firm has a 50-day moving average of $9.40 and a 200 day moving average of $9.89. The stock has a market capitalization of $661.40 million, a price-to-earnings ratio of -50.16 and a beta of 0.15.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. The firm had revenue of $28.15 million during the quarter, compared to analyst estimates of $26.08 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. During the same period in the prior year, the company posted $0.01 earnings per share. On average, sell-side analysts anticipate that Abacus Life, Inc. will post 0.6 earnings per share for the current year.

Hedge Funds Weigh In On Abacus Life

A number of large investors have recently made changes to their positions in ABL. Renaissance Technologies LLC purchased a new position in Abacus Life during the second quarter valued at $106,000. Levin Capital Strategies L.P. purchased a new position in shares of Abacus Life in the 2nd quarter valued at about $130,000. Richard W. Paul & Associates LLC lifted its holdings in shares of Abacus Life by 4.8% during the 2nd 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 during the period. Quarry LP acquired 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 in the second quarter valued at $418,000.

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.