Alta Fundamental Advisers LLC Reduces Stock Holdings in Abacus Life, Inc. (NASDAQ:ABL)

Key Points

• Alta Fundamental Advisers LLC reduced its stake in Abacus Life by 11.7% during Q1, selling 87,789 shares and now holding approximately 664,298 shares.
• Several institutional investors, including Charles Schwab Investment Management Inc. and Royce & Associates LP, have significantly increased their holdings in Abacus Life, indicating growing investor interest.
• Wall Street analysts have a generally positive outlook on Abacus Life, with an average rating of "Buy" and a price target suggesting potential growth from the current share price of $5.94.

Alta Fundamental Advisers LLC lessened its position in Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 11.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 664,298 shares of the company's stock after selling 87,789 shares during the quarter. Abacus Life accounts for 3.1% of Alta Fundamental Advisers LLC's portfolio, making the stock its 13th largest position. Alta Fundamental Advisers LLC owned about 0.69% of Abacus Life worth $4,976,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ABL. Millennium Management LLC grew its holdings in shares of Abacus Life by 1,629.1% in the fourth quarter. Millennium Management LLC now owns 192,019 shares of the company's stock worth $1,504,000 after purchasing an additional 180,914 shares during the last quarter. Two Sigma Investments LP bought a new position in shares of Abacus Life in the fourth quarter worth about $617,000. Jane Street Group LLC bought a new position in shares of Abacus Life in the fourth quarter worth about $282,000. Foundry Partners LLC grew its holdings in shares of Abacus Life by 10.5% in the first quarter. Foundry Partners LLC now owns 756,957 shares of the company's stock worth $5,670,000 after purchasing an additional 71,957 shares during the last quarter. Finally, Pacific Ridge Capital Partners LLC bought a new position in shares of Abacus Life in the first quarter worth about $358,000.

Abacus Life Stock Down 1.2%

Shares of NASDAQ ABL traded down $0.08 during mid-day trading on Thursday, reaching $6.26. 206,821 shares of the company were exchanged, compared to its average volume of 600,942. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.55. The stock has a market cap of $605.80 million, a price-to-earnings ratio of -104.25 and a beta of 0.01. Abacus Life, Inc. has a 1 year low of $4.60 and a 1 year high of $11.00. The firm has a 50-day moving average of $5.48 and a 200 day moving average of $7.01.

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

Analyst Upgrades and Downgrades

ABL has been the topic of several research reports. Maxim Group initiated coverage on Abacus Life in a research note on Tuesday, April 29th. They set a "buy" rating and a $14.00 price target on the stock. Piper Sandler cut their price target on Abacus Life from $12.00 to $10.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 2nd. Finally, Wall Street Zen upgraded Abacus Life from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $13.70.

Abacus Life Company 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.