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

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $4.60 and last traded at $4.64, with a volume of 2623663 shares. The stock had previously closed at $5.44.

Analysts Set New Price Targets

Several research firms have recently commented on ABL. Maxim Group started coverage on shares of Abacus Life in a report on Tuesday, April 29th. They issued a "buy" rating and a $14.00 price target for the company. Piper Sandler raised their price target 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 analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $14.08.

Abacus Life Price Performance

The stock has a market capitalization of $497.81 million, a PE ratio of -22.35 and a beta of 0.11. 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 fifty day moving average is $7.37 and its 200-day moving average is $7.51.

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 the consensus estimate of $0.16 by $0.02. The company had revenue of $44.14 million during the quarter, compared to analyst estimates of $39.51 million. Abacus Life had a positive return on equity of 16.76% and a negative net margin of 13.35%. As a group, equities analysts predict that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Abacus Life

A number of institutional investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. increased its holdings in 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 last quarter. Royce & Associates LP boosted its stake in shares of Abacus Life by 339.9% in the fourth quarter. Royce & Associates LP now owns 1,306,431 shares of the company's stock valued at $10,229,000 after purchasing an additional 1,009,431 shares during the period. Kennedy Capital Management LLC purchased a new stake in Abacus Life during the 4th quarter worth approximately $7,461,000. Monashee Investment Management LLC acquired a new stake in Abacus Life during the 4th quarter worth approximately $6,342,000. Finally, Mendon Capital Advisors Corp grew its stake in shares of 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.

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.