Abacus Life (NASDAQ:ABL) Sees Strong Trading Volume - Time to Buy?

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 863,256 shares changed hands during mid-day trading, an increase of 283% from the previous session's volume of 225,178 shares.The stock last traded at $6.38 and had previously closed at $7.64.

Analyst Upgrades and Downgrades

ABL has been the topic of several recent analyst reports. Maxim Group assumed coverage on shares of Abacus Life in a research note on Tuesday, April 29th. They issued a "buy" rating and a $14.00 price target on the stock. Piper Sandler raised their target price on shares of Abacus Life from $11.50 to $12.00 and gave the stock an "overweight" rating in a research report 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's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $14.08.

Abacus Life Trading Down 4.7%

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 company has a fifty day moving average of $7.98 and a two-hundred day moving average of $7.80. The stock has a market capitalization of $554.00 million, a price-to-earnings ratio of -31.78 and a beta of 0.14.

Abacus Life (NASDAQ:ABL - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.18 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $44.14 million during the quarter, compared to the consensus estimate of $39.51 million. On average, research analysts expect that Abacus Life, Inc. will post 0.62 EPS for the current year.

Institutional Investors Weigh In On Abacus Life

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its stake in shares of Abacus Life by 23.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company's stock worth $10,830,000 after buying an additional 263,036 shares during the last quarter. Stieven Capital Advisors L.P. raised its stake in Abacus Life by 128.2% in the 4th quarter. Stieven Capital Advisors L.P. now owns 741,810 shares of the company's stock valued at $5,808,000 after purchasing an additional 416,800 shares during the last quarter. Richard W. Paul & Associates LLC raised its stake in Abacus Life by 7.5% in the 4th quarter. Richard W. Paul & Associates LLC now owns 41,836 shares of the company's stock valued at $328,000 after purchasing an additional 2,934 shares during the last quarter. Royce & Associates LP raised its stake in Abacus Life by 339.9% in the 4th 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 last quarter. Finally, Sei Investments Co. grew its holdings in Abacus Life by 38.8% in the 4th quarter. Sei Investments Co. now owns 81,525 shares of the company's stock valued at $638,000 after buying an additional 22,783 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.