Abacus Life, Inc. (NASDAQ:ABL) Receives $13.70 Average PT from Brokerages

Key Points

• Abacus Life, Inc. (NASDAQ:ABL) has received a consensus rating of "Buy" from six rating firms, with an average 12-month price target of $13.70.
• The company reported earnings of $0.22 per share for the last quarter, exceeding analysts' expectations, and generated revenues of $56.23 million.
• Institutional interest has increased, with multiple hedge funds purchasing new positions in Abacus Life during the second quarter.

Shares of Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) have received a consensus rating of "Buy" from the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $13.70.

ABL has been the subject of a number of research reports. Maxim Group initiated coverage on Abacus Life in a research note on Tuesday, April 29th. They issued a "buy" rating and a $14.00 price objective for the company. Piper Sandler reduced their price objective on Abacus Life from $12.00 to $10.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. Finally, Wall Street Zen upgraded Abacus Life from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ABL. Alyeska Investment Group L.P. increased its holdings in shares of Abacus Life by 116.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company's stock valued at $19,894,000 after purchasing an additional 1,367,210 shares during the period. Monashee Investment Management LLC acquired a new position in shares of Abacus Life in the fourth quarter valued at approximately $6,342,000. CSM Advisors LLC acquired a new position in shares of Abacus Life in the second quarter valued at approximately $4,138,000. Mendon Capital Advisors Corp increased its holdings in shares of Abacus Life by 137.1% in the fourth quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company's stock valued at $10,209,000 after purchasing an additional 753,826 shares during the period. Finally, Bastion Asset Management Inc. purchased a new stake in shares of Abacus Life in the first quarter valued at approximately $4,353,000.

Abacus Life Stock Performance

NASDAQ ABL traded up $0.15 on Wednesday, reaching $6.56. The stock had a trading volume of 401,926 shares, compared to its average volume of 653,853. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.76 and a current ratio of 0.76. Abacus Life has a 12-month low of $4.60 and a 12-month high of $10.95. The business's 50-day moving average price is $5.54 and its 200 day moving average price is $6.93. The stock has a market cap of $634.75 million, a P/E ratio of -109.33 and a beta of 0.01.

Abacus Life (NASDAQ:ABL - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.06. Abacus Life had a positive return on equity of 17.65% and a negative net margin of 0.72%.The company had revenue of $56.23 million during the quarter, compared to analysts' expectations of $43.38 million. As a group, equities analysts expect that Abacus Life will post 0.62 earnings per share for the current year.

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.