Abacus Life (NASDAQ:ABL) Trading Up 4.3% - Should You Buy?

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report)'s stock price was up 4.3% during trading on Friday . The stock traded as high as $6.09 and last traded at $6.09. Approximately 1,141,441 shares were traded during mid-day trading, an increase of 270% from the average daily volume of 308,577 shares. The stock had previously closed at $5.84.

Analysts Set New Price Targets

Several research analysts recently commented on ABL shares. Piper Sandler boosted their price target on Abacus Life from $11.50 to $12.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Maxim Group began coverage on Abacus Life in a research note on Tuesday, April 29th. They issued a "buy" rating and a $14.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $14.08.

Abacus Life Stock Performance

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market capitalization of $587.90 million, a P/E ratio of -33.72 and a beta of 0.11. The company has a fifty day moving average of $7.79 and a two-hundred day moving average of $7.67.

Abacus Life (NASDAQ:ABL - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $44.14 million during the quarter, compared to analyst estimates of $39.51 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. On average, equities analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current year.

Institutional Trading of Abacus Life

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Richard W. Paul & Associates LLC raised its position in shares of Abacus Life by 7.5% during the 4th quarter. Richard W. Paul & Associates LLC now owns 41,836 shares of the company's stock worth $328,000 after purchasing an additional 2,934 shares during the period. Bank of America Corp DE raised its position in shares of Abacus Life by 2.6% during the 4th quarter. Bank of America Corp DE now owns 161,458 shares of the company's stock worth $1,264,000 after purchasing an additional 4,162 shares during the period. Geode Capital Management LLC raised its position in shares of Abacus Life by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 177,227 shares of the company's stock worth $1,389,000 after purchasing an additional 5,310 shares during the period. LPL Financial LLC raised its position in shares of Abacus Life by 31.0% during the 4th quarter. LPL Financial LLC now owns 23,288 shares of the company's stock worth $182,000 after purchasing an additional 5,507 shares during the period. Finally, Point72 Asset Management L.P. raised its position in shares of Abacus Life by 2.5% during the 4th quarter. Point72 Asset Management L.P. now owns 323,432 shares of the company's stock worth $2,532,000 after purchasing an additional 7,838 shares during the period.

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.