Abacus Life (NASDAQ:ABL) Stock Price Down 7.1% - What's Next?

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report)'s share price dropped 7.1% on Tuesday . The stock traded as low as $5.68 and last traded at $5.64. Approximately 444,874 shares changed hands during mid-day trading, an increase of 39% from the average daily volume of 319,091 shares. The stock had previously closed at $6.07.

Analysts Set New Price Targets

ABL has been the subject of several recent research reports. Maxim Group began 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 for the company. Piper Sandler boosted their target price on Abacus Life from $11.50 to $12.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Abacus Life currently has an average rating of "Buy" and a consensus price target of $14.08.

Abacus Life Trading Down 7.1%

The stock has a market capitalization of $546.25 million, a P/E ratio of -31.41 and a beta of 0.11. The firm's 50 day moving average price is $7.79 and its 200 day moving average price is $7.67. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29.

Abacus Life (NASDAQ:ABL - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.18 earnings per share for the quarter, topping 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 firm had revenue of $44.14 million for the quarter, compared to the consensus estimate of $39.51 million. As a group, equities research analysts expect 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 bought and sold shares of ABL. Allspring Global Investments Holdings LLC grew its holdings 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 purchasing an additional 263,036 shares during the period. Richard W. Paul & Associates LLC grew its holdings in shares of Abacus Life by 7.5% during the fourth quarter. Richard W. Paul & Associates LLC now owns 41,836 shares of the company's stock valued at $328,000 after buying an additional 2,934 shares during the last quarter. Royce & Associates LP grew its holdings in shares of Abacus Life by 339.9% during the fourth 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 last quarter. Sei Investments Co. grew its holdings in shares of Abacus Life by 38.8% during the fourth 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 last quarter. Finally, LPL Financial LLC boosted its stake in Abacus Life by 31.0% during the 4th quarter. LPL Financial LLC now owns 23,288 shares of the company's stock valued at $182,000 after purchasing an additional 5,507 shares during the last quarter.

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.

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