Monashee Investment Management LLC Takes $6.34 Million Position in Abacus Life, Inc. (NASDAQ:ABL)

Monashee Investment Management LLC purchased a new stake in Abacus Life, Inc. (NASDAQ:ABL - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 810,000 shares of the company's stock, valued at approximately $6,342,000. Abacus Life makes up approximately 0.9% of Monashee Investment Management LLC's investment portfolio, making the stock its 14th biggest holding. Monashee Investment Management LLC owned about 0.84% of Abacus Life as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Royce & Associates LP grew 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 during the last quarter. Kennedy Capital Management LLC purchased a new position in shares of Abacus Life during the fourth quarter worth approximately $7,461,000. Mendon Capital Advisors Corp increased its holdings in shares of Abacus Life by 137.1% in the 4th quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company's stock valued at $10,209,000 after acquiring an additional 753,826 shares during the period. Foundry Partners LLC purchased a new stake in Abacus Life in the 4th quarter valued at $5,364,000. Finally, Curi RMB Capital LLC boosted its stake in Abacus Life by 110.7% during the 4th quarter. Curi RMB Capital LLC now owns 1,159,000 shares of the company's stock worth $9,075,000 after purchasing an additional 609,000 shares during the period.

Analysts Set New Price Targets

Several research firms have commented on ABL. Piper Sandler reduced their price objective on Abacus Life from $13.00 to $11.50 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Maxim Group initiated coverage on shares of Abacus Life in a research note on Tuesday. They issued a "buy" rating and a $14.00 price objective on the stock. Finally, B. Riley lowered their target price on shares of Abacus Life from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, January 7th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $14.00.

Abacus Life Price Performance

Abacus Life stock traded up $0.02 during midday trading on Friday, reaching $8.27. The company's stock had a trading volume of 350,483 shares, compared to its average volume of 183,109. The firm has a market capitalization of $800.97 million, a PE ratio of -45.94 and a beta of 0.16. Abacus Life, Inc. has a fifty-two week low of $6.34 and a fifty-two week high of $12.40. The stock's 50 day simple moving average is $7.66 and its 200 day simple moving average is $7.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29.

Abacus Life (NASDAQ:ABL - Get Free Report) last announced its quarterly earnings data on Thursday, March 27th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.13 by $0.03. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The firm had revenue of $33.21 million during the quarter, compared to analysts' expectations of $28.76 million. On average, equities research analysts forecast that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

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.