Analysts Set Abacus Life, Inc. (NASDAQ:ABL) Target Price at $14.08

Shares of Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) have been assigned a consensus recommendation of "Buy" from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $14.08.

A number of equities analysts have commented on ABL shares. Piper Sandler upped their target price on shares of Abacus Life from $11.50 to $12.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Maxim Group began coverage on shares of Abacus Life in a research note on Tuesday, April 29th. They set a "buy" rating and a $14.00 price objective on the stock.

Abacus Life Trading Up 3.1%

Shares of ABL traded up $0.16 during mid-day trading on Tuesday, reaching $5.30. 931,600 shares of the company's stock traded hands, compared to its average volume of 358,999. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.47 and a quick ratio of 0.47. The stock's 50-day moving average is $7.32 and its two-hundred day moving average is $7.49. Abacus Life has a 12 month low of $4.60 and a 12 month high of $11.86. The stock has a market cap of $513.31 million, a P/E ratio of -23.04 and a beta of 0.11.

Abacus Life (NASDAQ:ABL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.16 by $0.02. Abacus Life had a positive return on equity of 16.76% and a negative net margin of 13.35%. The company had revenue of $44.14 million during the quarter, compared to analysts' expectations of $39.51 million. Research analysts forecast that Abacus Life will post 0.62 earnings per share for the current fiscal year.

Institutional Trading of Abacus Life

Several hedge funds have recently modified their holdings of ABL. Alyeska Investment Group L.P. raised its stake in shares of Abacus Life by 116.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company's stock worth $19,894,000 after acquiring an additional 1,367,210 shares in the last quarter. Royce & Associates LP increased its position in shares of Abacus Life by 339.9% during the fourth quarter. Royce & Associates LP now owns 1,306,431 shares of the company's stock worth $10,229,000 after purchasing an additional 1,009,431 shares in the last quarter. Kennedy Capital Management LLC acquired a new position in shares of Abacus Life during the fourth quarter worth $7,461,000. Monashee Investment Management LLC purchased a new stake in shares of Abacus Life during the 4th quarter valued at $6,342,000. Finally, Mendon Capital Advisors Corp boosted its holdings in Abacus Life by 137.1% in the fourth quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company's stock worth $10,209,000 after acquiring an additional 753,826 shares in the last quarter.

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.