Abacus Life, Inc. (NASDAQ:ABL) Given Average Rating of "Buy" by 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.

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) has been assigned a consensus recommendation of "Buy" from the six ratings firms that are presently covering the firm, Marketbeat reports. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $13.70.

Several equities analysts have weighed in on ABL shares. Wall Street Zen raised Abacus Life from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Maxim Group started coverage on Abacus Life in a research note on Tuesday, April 29th. They set a "buy" rating and a $14.00 target price on the stock. Finally, Piper Sandler lowered their target price on Abacus Life from $12.00 to $10.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 2nd.

Institutional Investors Weigh In On Abacus Life

A number of large investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. boosted its position in Abacus Life by 78.9% during the second quarter. Geneos Wealth Management Inc. now owns 25,415 shares of the company's stock worth $131,000 after purchasing an additional 11,206 shares during the period. Sugar Maple Asset Management LLC bought a new stake in Abacus Life during the second quarter worth approximately $139,000. Oxford Asset Management LLP bought a new stake in Abacus Life during the second quarter worth approximately $52,000. Engineers Gate Manager LP boosted its position in Abacus Life by 598.6% during the second quarter. Engineers Gate Manager LP now owns 73,632 shares of the company's stock worth $378,000 after purchasing an additional 63,092 shares during the period. Finally, Curi Capital LLC boosted its position in Abacus Life by 3.9% during the second quarter. Curi Capital LLC now owns 1,325,000 shares of the company's stock worth $6,810,000 after purchasing an additional 50,000 shares during the period.

Abacus Life Trading Up 2.3%

NASDAQ ABL traded up $0.15 on Wednesday, hitting $6.56. 401,926 shares of the company were exchanged, compared to its average volume of 601,922. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.76 and a quick ratio of 0.76. Abacus Life has a twelve month low of $4.60 and a twelve month high of $10.95. The company's 50 day moving average price is $5.53 and its 200-day moving average price is $6.95. The firm has a market capitalization of $635.34 million, a P/E ratio of -109.33 and a beta of 0.01.

Abacus Life (NASDAQ:ABL - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $43.38 million. Analysts predict that Abacus Life will post 0.62 earnings per share for the current fiscal year.

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.