Abacus Life (NASDAQ:ABL) Sees Large Volume Increase - Here's What Happened

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) shares saw strong trading volume on Thursday . 496,159 shares were traded during mid-day trading, an increase of 67% from the previous session's volume of 297,502 shares.The stock last traded at $6.06 and had previously closed at $6.13.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ABL shares. Maxim Group started coverage on Abacus Life in a research note on Tuesday, April 29th. They set a "buy" rating and a $14.00 price objective for the company. Piper Sandler increased their target price 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 equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $14.08.

Abacus Life Trading Down 0.7%

The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $561.75 million, a P/E ratio of -32.14 and a beta of 0.11. The company has a fifty day simple moving average of $7.82 and a two-hundred day simple moving average of $7.70.

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

Hedge Funds Weigh In On Abacus Life

A number of large investors have recently added to or reduced their stakes in the company. Richard W. Paul & Associates LLC boosted 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 buying an additional 2,934 shares during the period. Bank of America Corp DE boosted its position in Abacus Life by 2.6% during the 4th quarter. Bank of America Corp DE now owns 161,458 shares of the company's stock worth $1,264,000 after acquiring an additional 4,162 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Abacus Life by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 177,227 shares of the company's stock valued at $1,389,000 after purchasing an additional 5,310 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Abacus Life by 31.0% in the fourth quarter. LPL Financial LLC now owns 23,288 shares of the company's stock valued at $182,000 after purchasing an additional 5,507 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of Abacus Life by 2.5% in the fourth quarter. Point72 Asset Management L.P. now owns 323,432 shares of the company's stock worth $2,532,000 after purchasing an additional 7,838 shares in the last quarter.

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.