Short Interest in Abacus Life, Inc. (NASDAQ:ABL) Increases By 56.3%

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) was the target of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 2,250,000 shares, a growth of 56.3% from the May 15th total of 1,440,000 shares. Based on an average daily trading volume, of 668,700 shares, the short-interest ratio is presently 3.4 days. Currently, 6.6% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. State of Wyoming purchased a new stake in shares of Abacus Life during the first quarter worth about $105,000. Squarepoint Ops LLC purchased a new stake in shares of Abacus Life during the fourth quarter worth about $113,000. JPMorgan Chase & Co. increased its stake in shares of 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 increased its stake in shares of Abacus Life by 31.0% during the fourth quarter. LPL Financial LLC now owns 23,288 shares of the company's stock worth $182,000 after purchasing an additional 5,507 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Abacus Life during the fourth quarter worth about $193,000.

Abacus Life Price Performance

Shares of Abacus Life stock traded up $0.13 during trading hours on Wednesday, reaching $5.68. The stock had a trading volume of 1,138,487 shares, compared to its average volume of 327,398. The stock's 50 day moving average is $7.73 and its 200 day moving average is $7.64. The firm has a market capitalization of $550.11 million, a PE ratio of -24.69 and a beta of 0.11. Abacus Life has a twelve month low of $5.10 and a twelve month high of $11.86. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.55.

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Maxim Group assumed coverage on shares of Abacus Life in a research report on Tuesday, April 29th. They set a "buy" rating and a $14.00 target price for the company. Piper Sandler boosted their target price on shares of Abacus Life from $11.50 to $12.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $14.08.

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.