Abacus Life (NASDAQ:ABL) Reaches New 52-Week Low - Time to Sell?

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report)'s share price hit a new 52-week low during 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.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Maxim Group initiated coverage on Abacus Life in a research report on Tuesday, April 29th. They set a "buy" rating and a $14.00 target price on the stock. Piper Sandler raised their price objective on Abacus Life from $11.50 to $12.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $14.08.

Abacus Life Stock Down 14.7%

The stock has a 50-day moving average of $7.37 and a 200 day moving average of $7.52. The company has a market capitalization of $449.38 million, a PE ratio of -20.17 and a beta of 0.11. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.55.

Abacus Life (NASDAQ:ABL - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. The firm 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%. Sell-side analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mendon Capital Advisors Corp lifted its stake in Abacus Life by 9.1% in the first quarter. Mendon Capital Advisors Corp now owns 1,422,171 shares of the company's stock valued at $10,652,000 after purchasing an additional 118,345 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Abacus Life by 13.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,928,293 shares of the company's stock worth $14,443,000 after buying an additional 221,712 shares during the last quarter. Curi RMB Capital LLC raised its stake in shares of Abacus Life by 10.0% in the first quarter. Curi RMB Capital LLC now owns 1,275,000 shares of the company's stock valued at $9,550,000 after buying an additional 116,000 shares during the period. AWM Investment Company Inc. lifted its position in shares of Abacus Life by 9.2% during the 1st quarter. AWM Investment Company Inc. now owns 680,536 shares of the company's stock valued at $5,097,000 after buying an additional 57,524 shares during the last quarter. Finally, State of Wyoming bought a new position in shares of Abacus Life during the 1st quarter worth $105,000.

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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