Abacus Life (NASDAQ:ABL) Shares Up 6.6% – Still a Buy?

Abacus Life, Inc. (NASDAQ:ABL)’s share price shot up 6.6% during trading on Friday . The company traded as high as $7.67 and last traded at $7.60. 163,019 shares traded hands during trading, an increase of 5% from the average session volume of 155,551 shares. The stock had previously closed at $7.13.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Piper Sandler dropped their target price on Abacus Life from $13.00 to $11.50 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. B. Riley dropped their price objective on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. 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.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $14.00.

Abacus Life Price Performance

The company has a 50 day moving average of $7.49 and a 200 day moving average of $8.05. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market capitalization of $760.30 million, a price-to-earnings ratio of -43.61 and a beta of 0.16.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings data 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 positive return on equity of 12.88% and a negative net margin of 11.65%. The business had revenue of $33.21 million during the quarter, compared to the consensus estimate of $28.76 million. As a group, equities research analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current year.

Institutional Trading of Abacus Life

A number of large investors have recently made changes to their positions in ABL. Geneos Wealth Management Inc. acquired a new stake in shares of Abacus Life in the 4th quarter worth $110,000. Squarepoint Ops LLC purchased a new position in Abacus Life during the fourth quarter worth about $113,000. JPMorgan Chase & Co. raised its holdings in Abacus Life by 640.9% during the fourth quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company’s stock worth $131,000 after purchasing an additional 14,420 shares in the last quarter. LPL Financial LLC lifted its position in Abacus Life by 31.0% in the fourth quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock valued at $182,000 after purchasing an additional 5,507 shares during the period. Finally, XTX Topco Ltd purchased a new stake in Abacus Life in the 4th quarter valued at approximately $193,000.

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.