Abacus Life (NASDAQ:ABL) Stock Price Down 4.7% - Time to Sell?

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) shares traded down 4.7% on Wednesday . The company traded as low as $5.06 and last traded at $5.23. 784,557 shares changed hands during mid-day trading, an increase of 110% from the average session volume of 374,186 shares. The stock had previously closed at $5.48.

Analysts Set New Price Targets

A number of research firms have issued reports on ABL. Piper Sandler cut their price target on Abacus Life from $12.00 to $10.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. Maxim Group started coverage on Abacus Life in a report on Tuesday, April 29th. They issued a "buy" rating and a $14.00 target price on the stock. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $13.75.

Abacus Life Price Performance

The stock has a fifty day moving average of $6.85 and a 200 day moving average of $7.37. The firm has a market capitalization of $503.62 million and a P/E ratio of -22.61. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.47 and a quick ratio of 0.47.

Abacus Life (NASDAQ:ABL - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.02. Abacus Life had a positive return on equity of 16.76% and a negative net margin of 13.35%. The business had revenue of $44.14 million during the quarter, compared to the consensus estimate of $39.51 million. On average, research analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Abacus Life

Hedge funds have recently made changes to their positions in the stock. Royce & Associates LP grew its position in Abacus Life by 339.9% during the fourth quarter. Royce & Associates LP now owns 1,306,431 shares of the company's stock worth $10,229,000 after buying an additional 1,009,431 shares in the last quarter. Sei Investments Co. grew its position in Abacus Life by 38.8% during the fourth quarter. Sei Investments Co. now owns 81,525 shares of the company's stock worth $638,000 after buying an additional 22,783 shares in the last quarter. LPL Financial LLC grew its position in Abacus Life by 31.0% during the fourth quarter. LPL Financial LLC now owns 23,288 shares of the company's stock worth $182,000 after buying an additional 5,507 shares in the last quarter. JPMorgan Chase & Co. grew its position in Abacus Life by 640.9% during the fourth quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company's stock worth $131,000 after buying an additional 14,420 shares in the last quarter. Finally, Clearbridge Investments LLC grew its position in Abacus Life by 24.0% during the fourth quarter. Clearbridge Investments LLC now owns 645,712 shares of the company's stock worth $5,056,000 after buying an additional 124,792 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.