Abacus Life, Inc. (NASDAQ:ABL) Sees Significant Growth in Short Interest

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) was the target of a large 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 volume of 668,700 shares, the days-to-cover ratio is presently 3.4 days. Approximately 6.6% of the shares of the stock are sold short.

Analyst Ratings Changes

A number of research firms recently weighed in on ABL. Maxim Group began coverage on shares of Abacus Life in a report on Tuesday, April 29th. They issued a "buy" rating and a $14.00 target price for the company. Piper Sandler raised their target price on shares of Abacus Life from $11.50 to $12.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $14.08.

Institutional Trading of Abacus Life

A number of institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its position in shares of Abacus Life by 23.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company's stock worth $10,830,000 after purchasing an additional 263,036 shares during the last quarter. Stieven Capital Advisors L.P. lifted its position in shares of Abacus Life by 128.2% during the fourth quarter. Stieven Capital Advisors L.P. now owns 741,810 shares of the company's stock worth $5,808,000 after purchasing an additional 416,800 shares during the last quarter. Richard W. Paul & Associates LLC lifted its position in shares of Abacus Life by 7.5% during the fourth quarter. Richard W. Paul & Associates LLC now owns 41,836 shares of the company's stock worth $328,000 after purchasing an additional 2,934 shares during the last quarter. Royce & Associates LP lifted 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 during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Abacus Life by 38.8% during the fourth quarter. Sei Investments Co. now owns 81,525 shares of the company's stock worth $638,000 after purchasing an additional 22,783 shares during the last quarter.

Abacus Life Stock Up 3.8%

Shares of ABL opened at $6.06 on Friday. The company has a market cap of $586.93 million, a PE ratio of -33.66 and a beta of 0.11. The business has a fifty day moving average of $7.80 and a 200 day moving average of $7.69. Abacus Life has a 52-week low of $5.10 and a 52-week high of $11.86. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.02. The company had revenue of $44.14 million during the quarter, compared to the consensus estimate of $39.51 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. On average, sell-side analysts expect that Abacus Life will post 0.62 EPS 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.

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