Abacus Life (NASDAQ:ABL) Price Target Lowered to $9.00 at Piper Sandler

Key Points

• Piper Sandler has lowered the price target for Abacus Life (NASDAQ:ABL) from $10.00 to $9.00, while maintaining an "overweight" rating, indicating a potential upside of 50.73% from the stock's previous close.
• Abacus Life recently reported an earnings per share (EPS) of $0.22, exceeding analysts' expectations, with revenues reaching $56.23 million for the quarter.
• Currently, Abacus Life holds an average rating of "Moderate Buy" from analysts, with a consensus target price set at $12.88.

Abacus Life (NASDAQ:ABL - Get Free Report) had its price target lowered by equities researchers at Piper Sandler from $10.00 to $9.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Piper Sandler's price target indicates a potential upside of 50.73% from the company's previous close.

Several other analysts also recently weighed in on the stock. Wall Street Zen raised shares of Abacus Life from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Abacus Life in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $12.88.

Abacus Life Stock Up 0.2%

NASDAQ:ABL traded up $0.01 during midday trading on Thursday, hitting $5.97. 43,996 shares of the company were exchanged, compared to its average volume of 633,252. The company has a fifty day simple moving average of $6.26 and a 200 day simple moving average of $6.66. Abacus Life has a fifty-two week low of $4.60 and a fifty-two week high of $10.30. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $577.78 million, a PE ratio of -99.42 and a beta of -0.01.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Richard W. Paul & Associates LLC increased its stake in Abacus Life by 5.6% during the second quarter. Richard W. Paul & Associates LLC now owns 47,072 shares of the company's stock worth $242,000 after acquiring an additional 2,508 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Abacus Life by 4.1% during the 2nd quarter. Sei Investments Co. now owns 86,775 shares of the company's stock worth $446,000 after purchasing an additional 3,408 shares during the period. AlphaQuest LLC purchased a new stake in shares of Abacus Life during the 2nd quarter worth about $25,000. Darwin Wealth Management LLC purchased a new stake in shares of Abacus Life during the 2nd quarter worth about $27,000. Finally, Osaic Holdings Inc. grew its holdings in shares of Abacus Life by 86.1% during the 2nd quarter. Osaic Holdings Inc. now owns 12,675 shares of the company's stock worth $65,000 after purchasing an additional 5,865 shares during the period.

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.

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