Abacus Life (NASDAQ:ABL) Shares Gap Up - Here's What Happened

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $6.18, but opened at $6.47. Abacus Life shares last traded at $6.24, with a volume of 163,076 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on ABL. Maxim Group initiated coverage on shares of Abacus Life in a research report on Tuesday, April 29th. They issued a "buy" rating and a $14.00 price objective for the company. Piper Sandler boosted their target price on Abacus Life from $11.50 to $12.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $14.08.

Abacus Life Stock Performance

The company has a market cap of $565.62 million, a P/E ratio of -32.44 and a beta of 0.11. The company's fifty day moving average is $7.84 and its 200 day moving average is $7.72. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL - Get Free Report) last issued its earnings results 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 firm 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%. As a group, equities analysts predict that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Abacus Life

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its position in Abacus Life by 23.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company's stock worth $10,830,000 after acquiring an additional 263,036 shares during the period. Stieven Capital Advisors L.P. raised its stake in Abacus Life by 128.2% during the fourth 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 in the last quarter. Richard W. Paul & Associates LLC grew its position in Abacus Life by 7.5% in the fourth quarter. Richard W. Paul & Associates LLC now owns 41,836 shares of the company's stock worth $328,000 after acquiring an additional 2,934 shares in the last quarter. Royce & Associates LP raised its holdings in Abacus Life by 339.9% during the 4th quarter. Royce & Associates LP now owns 1,306,431 shares of the company's stock valued at $10,229,000 after buying an additional 1,009,431 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of Abacus Life by 38.8% in the 4th quarter. Sei Investments Co. now owns 81,525 shares of the company's stock worth $638,000 after acquiring an additional 22,783 shares during 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.