Abacus Life (NASDAQ:ABL) Reaches New 12-Month Low - Here's What Happened

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) shares hit a new 52-week low during trading on Thursday . The company traded as low as $5.10 and last traded at $6.00, with a volume of 8902652 shares trading hands. The stock had previously closed at $7.64.

Wall Street Analyst Weigh In

ABL has been the topic of several research analyst reports. Piper Sandler raised their target price on shares of Abacus Life from $11.50 to $12.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Maxim Group began coverage on shares of Abacus Life in a report on Tuesday, April 29th. They issued a "buy" rating and a $14.00 price objective for the company. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock 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 debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The business has a fifty day moving average of $7.95 and a 200-day moving average of $7.78. 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 announced its quarterly earnings data on Thursday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. The company had revenue of $44.14 million for the quarter, compared to analysts' expectations of $39.51 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. On average, equities analysts anticipate that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Abacus Life

A number of institutional investors have recently bought and sold shares of ABL. Millennium Management LLC boosted its holdings in shares of Abacus Life by 1,629.1% in the fourth quarter. Millennium Management LLC now owns 192,019 shares of the company's stock worth $1,504,000 after buying an additional 180,914 shares during the period. Royce & Associates LP lifted its position in shares of 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 acquiring an additional 1,009,431 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Abacus Life by 356.0% in the 4th quarter. Renaissance Technologies LLC now owns 210,500 shares of the company's stock worth $1,648,000 after purchasing an additional 164,334 shares during the period. Foundry Partners LLC acquired a new position in Abacus Life in the 4th quarter worth approximately $5,364,000. Finally, Mendon Capital Advisors Corp grew its position in Abacus Life by 137.1% during the 4th quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company's stock worth $10,209,000 after purchasing 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.