Abacus Life (NASDAQ:ABL) Stock Price Up 4.8% - Should You Buy?

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report)'s share price was up 4.8% on Monday . The company traded as high as $5.68 and last traded at $5.65. Approximately 72,174 shares changed hands during trading, a decline of 80% from the average daily volume of 365,020 shares. The stock had previously closed at $5.39.

Analyst Ratings Changes

Several analysts have commented on ABL shares. Maxim Group started 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. Piper Sandler lowered their price objective on shares of Abacus Life from $12.00 to $10.00 and set an "overweight" rating for the company in a report on Wednesday, July 2nd. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $13.75.

Abacus Life Price Performance

The company's fifty day moving average price is $6.85 and its 200-day moving average price is $7.37. The stock has a market capitalization of $503.62 million and a PE ratio of -22.61. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.55.

Abacus Life (NASDAQ:ABL - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $44.14 million during the quarter, compared to the consensus estimate of $39.51 million. Abacus Life had a negative net margin of 13.35% and a positive return on equity of 16.76%. Analysts forecast that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

Institutional Investors Weigh In On Abacus Life

Several institutional investors and hedge funds have recently made changes to their positions in the company. Mendon Capital Advisors Corp grew its holdings in shares of Abacus Life by 9.1% in the first quarter. Mendon Capital Advisors Corp now owns 1,422,171 shares of the company's stock worth $10,652,000 after acquiring an additional 118,345 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Abacus Life by 13.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,928,293 shares of the company's stock valued at $14,443,000 after acquiring an additional 221,712 shares during the period. Curi RMB Capital LLC grew its position in shares of Abacus Life by 10.0% during the 1st quarter. Curi RMB Capital LLC now owns 1,275,000 shares of the company's stock valued at $9,550,000 after acquiring an additional 116,000 shares during the period. AWM Investment Company Inc. grew its position in shares of Abacus Life by 9.2% during the 1st quarter. AWM Investment Company Inc. now owns 680,536 shares of the company's stock valued at $5,097,000 after acquiring an additional 57,524 shares during the period. Finally, State of Wyoming bought a new stake in shares of Abacus Life during the 1st quarter valued at $105,000.

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.