Millennium Management LLC Acquires 180,914 Shares of Abacus Life, Inc. (NASDAQ:ABL)

Millennium Management LLC lifted its holdings in Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 1,629.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 192,019 shares of the company's stock after buying an additional 180,914 shares during the quarter. Millennium Management LLC owned approximately 0.20% of Abacus Life worth $1,504,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alyeska Investment Group L.P. raised its stake in Abacus Life by 116.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company's stock worth $19,894,000 after acquiring an additional 1,367,210 shares during the last quarter. Royce & Associates LP increased its stake in Abacus Life by 339.9% during the 4th quarter. Royce & Associates LP now owns 1,306,431 shares of the company's stock worth $10,229,000 after buying an additional 1,009,431 shares in the last quarter. Kennedy Capital Management LLC purchased a new stake in Abacus Life during the 4th quarter worth approximately $7,461,000. Monashee Investment Management LLC purchased a new stake in Abacus Life during the 4th quarter worth approximately $6,342,000. Finally, Mendon Capital Advisors Corp increased its stake in Abacus Life by 137.1% during the 4th quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company's stock worth $10,209,000 after buying an additional 753,826 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research firms recently commented on ABL. Maxim Group began coverage on Abacus Life in a report on Tuesday, April 29th. They issued a "buy" rating and a $14.00 price objective on the stock. Piper Sandler upped 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. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $14.08.

Abacus Life Stock Up 5.8%

Shares of ABL traded up $0.33 during midday trading on Friday, reaching $6.05. 3,963,258 shares of the company were exchanged, compared to its average volume of 278,923. The stock has a 50-day moving average price of $7.92 and a 200-day moving average price of $7.76. The company has a market cap of $585.96 million, a price-to-earnings ratio of -33.61 and a beta of 0.11. Abacus Life, Inc. has a 1-year low of $5.10 and a 1-year high of $12.39. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The company had revenue of $44.14 million during the quarter, compared to analyst estimates of $39.51 million. Research analysts expect that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

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.