Abacus Life (NASDAQ:ABL) Trading 9.2% Higher – Time to Buy?

Abacus Life, Inc. (NASDAQ:ABL)’s share price rose 9.2% during trading on Wednesday . The company traded as high as $9.00 and last traded at $8.98. Approximately 32,218 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 63,355 shares. The stock had previously closed at $8.22.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. TD Cowen started coverage on shares of Abacus Life in a research note on Wednesday, August 7th. They set a “buy” rating and a $14.00 price target for the company. Piper Sandler reissued an “overweight” rating and set a $13.00 price target (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Northland Securities assumed coverage on Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 target price on the stock. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Finally, B. Riley Financial restated a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a research report on Friday, August 30th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $14.50.

Abacus Life Price Performance

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The company’s 50 day moving average is $9.49 and its 200 day moving average is $9.99. The stock has a market cap of $633.03 million, a price-to-earnings ratio of -47.11 and a beta of 0.15.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The company had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. During the same period last year, the firm earned $0.01 EPS. Research analysts forecast that Abacus Life, Inc. will post 0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Abacus Life

Institutional investors have recently bought and sold shares of the business. Richard W. Paul & Associates LLC lifted its holdings in Abacus Life by 4.8% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after buying an additional 1,401 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Abacus Life during the second quarter worth about $106,000. Curi RMB Capital LLC lifted its stake in shares of Abacus Life by 2.4% in the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after acquiring an additional 12,765 shares in the last quarter. Levin Capital Strategies L.P. purchased a new position in Abacus Life in the second quarter valued at about $130,000. Finally, Quarry LP acquired a new stake in Abacus Life during the 2nd quarter valued at approximately $318,000.

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.