Abacus Life (NASDAQ:ABL) Stock Rating Upgraded by Wall Street Zen

Key Points

• Abacus Life's stock rating has been upgraded from "hold" to "buy" by Wall Street Zen, indicating increased confidence from analysts.
• The company's shares currently have an average rating of "Buy" with a consensus price target of $13.70, despite a recent decrease in target price by Piper Sandler to $10.00.
• Abacus Life reported a $0.22 EPS for the last quarter, exceeding expectations, which drives positive sentiment around its earnings outlook.

Wall Street Zen upgraded shares of Abacus Life (NASDAQ:ABL - Free Report) from a hold rating to a buy rating in a research report report published on Saturday morning.

Other analysts have also recently issued research reports about the stock. Maxim Group started coverage on shares of Abacus Life in a research note on Tuesday, April 29th. They set a "buy" rating and a $14.00 target price for the company. Piper Sandler lowered their price target on shares of Abacus Life from $12.00 to $10.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 2nd. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $13.70.

Abacus Life Price Performance

Shares of ABL stock traded up $0.04 on Friday, reaching $6.33. 214,916 shares of the company were exchanged, compared to its average volume of 600,399. The company has a market cap of $612.58 million, a price-to-earnings ratio of -105.42 and a beta of 0.01. The business has a 50-day moving average price of $5.48 and a 200 day moving average price of $7.01. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.47 and a current ratio of 0.47. Abacus Life has a 1 year low of $4.60 and a 1 year high of $11.00.

Abacus Life (NASDAQ:ABL - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.16 by $0.06. The business had revenue of $56.23 million during the quarter, compared to analysts' expectations of $43.38 million. Abacus Life had a negative net margin of 0.72% and a positive return on equity of 18.19%. Equities research analysts forecast that Abacus Life will post 0.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Abacus Life

Several large investors have recently added to or reduced their stakes in the business. Richard W. Paul & Associates LLC increased its position in shares of Abacus Life by 5.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 47,072 shares of the company's stock valued at $242,000 after purchasing an additional 2,508 shares during the last quarter. Bank of America Corp DE increased its position in shares of Abacus Life by 2.6% in the 4th quarter. Bank of America Corp DE now owns 161,458 shares of the company's stock valued at $1,264,000 after purchasing an additional 4,162 shares during the last quarter. AlphaQuest LLC purchased a new stake in shares of Abacus Life in the 2nd quarter valued at approximately $25,000. Geode Capital Management LLC increased its position in shares of Abacus Life by 3.1% in the 4th 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. Finally, LPL Financial LLC increased its position in shares of Abacus Life by 31.0% in 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.