Abacus Life (NASDAQ:ABL) Shares Up 7.2% – Time to Buy?

Shares of Abacus Life, Inc. (NASDAQ:ABL) rose 7.2% on Wednesday . The company traded as high as $7.90 and last traded at $7.86. Approximately 218,349 shares changed hands during mid-day trading, an increase of 51% from the average daily volume of 144,654 shares. The stock had previously closed at $7.33.

Wall Street Analysts Forecast Growth

Separately, B. Riley cut their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $14.30.

Abacus Life Stock Performance

The company’s 50-day simple moving average is $7.60 and its 200 day simple moving average is $8.21. 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 stock has a market cap of $684.25 million, a P/E ratio of -39.33 and a beta of 0.14.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings results on Thursday, March 27th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The company had revenue of $33.21 million for the quarter, compared to the consensus estimate of $28.76 million. As a group, sell-side analysts expect that Abacus Life, Inc. will post 0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Abacus Life

A number of hedge funds have recently modified their holdings of ABL. Charles Schwab Investment Management Inc. bought a new position in Abacus Life during the third quarter valued at $614,000. Geode Capital Management LLC grew its stake in shares of Abacus Life by 439.6% during the 3rd quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock worth $1,741,000 after acquiring an additional 140,054 shares during the period. Franklin Resources Inc. increased its holdings in Abacus Life by 3.6% in the 3rd quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock worth $4,382,000 after acquiring an additional 15,308 shares during the last quarter. Principal Financial Group Inc. raised its stake in Abacus Life by 7.9% in the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after acquiring an additional 74,172 shares during the period. Finally, Geneos Wealth Management Inc. purchased a new stake in Abacus Life during the fourth quarter valued at about $110,000.

Abacus Life Company Profile

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.