Discovery Capital Management LLC CT Buys Shares of 250,000 Abacus Life, Inc. (NASDAQ:ABL)

Discovery Capital Management LLC CT purchased a new position in shares of Abacus Life, Inc. (NASDAQ:ABL) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 250,000 shares of the company’s stock, valued at approximately $1,958,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC boosted its holdings in Abacus Life by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 177,227 shares of the company’s stock valued at $1,389,000 after acquiring an additional 5,310 shares during the period. Franklin Resources Inc. boosted its stake in shares of Abacus Life by 32.0% in the fourth quarter. Franklin Resources Inc. now owns 577,768 shares of the company’s stock valued at $4,524,000 after purchasing an additional 140,035 shares during the period. Clearbridge Investments LLC grew its holdings in shares of Abacus Life by 24.0% in the fourth quarter. Clearbridge Investments LLC now owns 645,712 shares of the company’s stock valued at $5,056,000 after purchasing an additional 124,792 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Abacus Life by 640.9% during the 4th quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company’s stock worth $131,000 after buying an additional 14,420 shares during the period. Finally, LPL Financial LLC lifted its holdings in Abacus Life by 31.0% during the 4th quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock worth $182,000 after buying an additional 5,507 shares in the last quarter.

Abacus Life Stock Down 1.7 %

Shares of Abacus Life stock opened at $7.49 on Tuesday. Abacus Life, Inc. has a 52-week low of $6.75 and a 52-week high of $12.50. The company has a 50 day moving average of $7.62 and a 200 day moving average of $8.26. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $723.87 million, a P/E ratio of -41.61 and a beta of 0.14.

Abacus Life (NASDAQ:ABL) last issued its earnings results on Thursday, March 27th. The company reported $0.16 EPS 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 firm had revenue of $33.21 million during the quarter, compared to the consensus estimate of $28.76 million. As a group, research analysts forecast that Abacus Life, Inc. will post 0.62 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, B. Riley dropped their price target on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Abacus Life currently has a consensus rating of “Buy” and an average target price of $14.30.

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.