Abacus Life (NASDAQ:ABL) Trading Down 4.9% – Time to Sell?

Abacus Life, Inc. (NASDAQ:ABL)’s share price traded down 4.9% during mid-day trading on Tuesday . The stock traded as low as $9.07 and last traded at $9.07. 2,709 shares were traded during mid-day trading, a decline of 96% from the average session volume of 64,506 shares. The stock had previously closed at $9.54.

Analysts Set New Price Targets

ABL has been the topic of a number of research reports. B. Riley Financial reaffirmed a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. B. Riley reaffirmed 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. TD Cowen initiated coverage on Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price target on the stock. Finally, Piper Sandler initiated coverage on Abacus Life in a report on Wednesday, June 26th. They issued an “overweight” rating and a $12.00 price objective for the company. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $14.50.

Abacus Life Stock Performance

The business has a fifty day simple moving average of $10.07 and a two-hundred day simple moving average of $10.36. The company has a market cap of $571.49 million, a PE ratio of 453.00 and a beta of 0.12. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data on Monday, August 12th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The firm had revenue of $29.08 million during the quarter, compared to analysts’ expectations of $28.57 million. Abacus Life had a positive return on equity of 7.02% and a negative net margin of 6.19%. During the same period in the prior year, the business posted $0.13 EPS. Research analysts anticipate that Abacus Life, Inc. will post 0.57 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new stake in Abacus Life during the 2nd quarter valued at approximately $9,909,000. Principal Financial Group Inc. acquired a new stake in Abacus Life during the second quarter worth about $8,105,000. Point72 Asset Management L.P. purchased a new position in Abacus Life during the second quarter valued at approximately $5,190,000. Mendon Capital Advisors Corp acquired a new position in Abacus Life in the second quarter valued at approximately $4,974,000. Finally, Clearbridge Investments LLC purchased a new stake in Abacus Life in the 2nd quarter worth approximately $4,342,000.

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.