Abacus Life (NASDAQ:ABL) Hits New 1-Year Low - Here's What Happened

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $6.70 and last traded at $7.04, with a volume of 388216 shares. The stock had previously closed at $7.08.

Analyst Ratings Changes

A number of equities research analysts have commented on ABL shares. B. Riley decreased their price objective on Abacus Life from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, January 7th. Piper Sandler reduced their price target on Abacus Life from $13.00 to $11.50 and set an "overweight" rating for the company in a report on Tuesday. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $14.00.

Abacus Life Price Performance

The stock has a 50 day moving average of $7.49 and a two-hundred day moving average of $8.05. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a market capitalization of $760.30 million, a P/E ratio of -43.61 and a beta of 0.16.

Abacus Life (NASDAQ:ABL - Get Free Report) last posted its earnings results on Thursday, March 27th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.03. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The business had revenue of $33.21 million for the quarter, compared to analysts' expectations of $28.76 million. Sell-side analysts predict that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ABL. Alyeska Investment Group L.P. lifted its stake in shares of Abacus Life by 116.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company's stock valued at $19,894,000 after purchasing an additional 1,367,210 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Abacus Life by 23.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company's stock valued at $10,830,000 after acquiring an additional 263,036 shares during the last quarter. Royce & Associates LP increased its position in shares of Abacus Life by 339.9% during the 4th 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. Mendon Capital Advisors Corp raised its position in Abacus Life by 137.1% during 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. Finally, Curi RMB Capital LLC boosted its stake in shares of Abacus Life by 110.7% during the 4th quarter. Curi RMB Capital LLC now owns 1,159,000 shares of the company's stock worth $9,075,000 after acquiring an additional 609,000 shares during the period.

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.