Balyasny Asset Management L.P. Sells 246,074 Shares of Abacus Life, Inc. (NASDAQ:ABL)

Balyasny Asset Management L.P. lessened its stake in Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 30.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 571,586 shares of the company's stock after selling 246,074 shares during the period. Balyasny Asset Management L.P. owned about 0.59% of Abacus Life worth $4,476,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ABL. Geneos Wealth Management Inc. bought a new stake in Abacus Life during the fourth quarter valued at $110,000. JPMorgan Chase & Co. grew its position in shares of Abacus Life by 640.9% during the fourth quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company's stock worth $131,000 after acquiring an additional 14,420 shares during the last quarter. LPL Financial LLC grew its position in shares of Abacus Life by 31.0% during the fourth quarter. LPL Financial LLC now owns 23,288 shares of the company's stock worth $182,000 after acquiring an additional 5,507 shares during the last quarter. XTX Topco Ltd acquired a new stake in Abacus Life in the fourth quarter worth about $193,000. Finally, Jane Street Group LLC acquired a new stake in Abacus Life in the fourth quarter worth about $282,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Piper Sandler upped their price target on shares of Abacus Life from $11.50 to $12.00 and gave the company an "overweight" rating in a report on Friday, May 9th. 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 price objective for the company. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Abacus Life presently has an average rating of "Buy" and an average price target of $14.08.

Abacus Life Stock Performance

Abacus Life stock traded up $0.08 during trading hours on Wednesday, reaching $8.91. 559,983 shares of the company were exchanged, compared to its average volume of 196,725. The firm has a market cap of $862.96 million, a price-to-earnings ratio of -49.50 and a beta of 0.14. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock has a 50-day moving average of $7.78 and a 200 day moving average of $7.85. Abacus Life, Inc. has a 12 month low of $6.34 and a 12 month high of $12.40.

Abacus Life (NASDAQ:ABL - Get Free Report) last posted 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 company had revenue of $44.14 million during the quarter, compared to analysts' expectations of $39.51 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. As a group, research analysts anticipate that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

Abacus Life 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.