Abacus Life (NASDAQ:ABL) Trading 5.3% Higher - Here's What Happened

Key Points

• Abacus Life, Inc. (NASDAQ: ABL) shares increased by 5.3% during mid-day trading, reaching a high of $6.91, though trading volume was significantly down by 84% compared to the average.
• Analysts have varying outlooks on the stock, with Wall Street Zen upgrading its rating to "buy," while Maxim Group set a price target of $14.00 and Piper Sandler reduced their target to $10.00.
• In the latest quarterly earnings report, Abacus Life surpassed analysts' expectations with earnings per share of $0.22 on revenue of $56.23 million, significantly higher than the anticipated $43.38 million.

Shares of Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) were up 5.3% during mid-day trading on Monday . The stock traded as high as $6.91 and last traded at $6.91. Approximately 96,023 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 598,665 shares. The stock had previously closed at $6.56.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ABL shares. Piper Sandler cut their price objective on Abacus Life from $12.00 to $10.00 and set an "overweight" rating on the stock in a report on Wednesday, July 2nd. Wall Street Zen raised Abacus Life from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $13.70.

Abacus Life Stock Performance

The stock's fifty day simple moving average is $5.66 and its 200-day simple moving average is $6.91. The company has a market capitalization of $691.83 million, a PE ratio of 9.12 and a beta of 0.01. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.57.

Abacus Life (NASDAQ:ABL - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.06. The firm had revenue of $56.23 million during the quarter, compared to analysts' expectations of $43.38 million. Abacus Life had a positive return on equity of 17.65% and a negative net margin of 0.72%. On average, research 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

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its holdings in Abacus Life by 640.9% in the fourth quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company's stock valued at $131,000 after acquiring an additional 14,420 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Abacus Life by 3.1% during 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. Northern Trust Corp boosted its stake in Abacus Life by 116.3% during the 4th quarter. Northern Trust Corp now owns 50,626 shares of the company's stock valued at $396,000 after purchasing an additional 27,217 shares during the period. Bison Wealth LLC increased its stake in shares of Abacus Life by 492.0% in the fourth quarter. Bison Wealth LLC now owns 61,125 shares of the company's stock valued at $479,000 after purchasing an additional 50,800 shares during the period. Finally, Jane Street Group LLC bought a new stake in Abacus Life during the 4th quarter valued at $282,000.

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.