Abacus Life (NASDAQ:ABL) Shares Down 4.9% – Here’s What Happened

Abacus Life, Inc. (NASDAQ:ABL)’s stock price dropped 4.9% during trading on Tuesday . The stock traded as low as $9.07 and last traded at $9.07. Approximately 2,709 shares changed hands during trading, a decline of 96% from the average daily volume of 64,506 shares. The stock had previously closed at $9.54.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ABL. TD Cowen initiated coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price target on the stock. B. Riley Financial reissued a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. Piper Sandler started coverage on Abacus Life in a report on Wednesday, June 26th. They issued an “overweight” rating and a $12.00 price target for the company. Finally, B. Riley reissued a “buy” rating and set a $16.00 price objective (up previously from $15.00) on shares of Abacus Life in a report on Thursday, August 29th. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $14.50.

Abacus Life Trading Up 1.0 %

The stock has a market cap of $561.90 million, a P/E ratio of 439.50 and a beta of 0.12. The business’s 50 day simple moving average is $10.00 and its 200 day simple moving average is $10.33. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings results on Monday, August 12th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.13 by $0.05. Abacus Life had a positive return on equity of 7.02% and a negative net margin of 6.19%. The business had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.57 million. During the same quarter in the previous year, the firm earned $0.13 EPS. On average, analysts expect that Abacus Life, Inc. will post 0.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Abacus Life

A number of hedge funds have recently made changes to their positions in the company. Evernest Financial Advisors LLC bought a new stake in Abacus Life during the third quarter worth about $681,000. Principal Financial Group Inc. bought a new stake in Abacus Life during the 2nd quarter worth approximately $8,105,000. Mendon Capital Advisors Corp acquired a new stake in Abacus Life during the 2nd quarter valued at $4,974,000. Clearbridge Investments LLC bought a new position in Abacus Life in the 2nd quarter valued at $4,342,000. Finally, Richard W. Paul & Associates LLC boosted its stake in Abacus Life by 4.8% in the second quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after purchasing an additional 1,401 shares in the last quarter.

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.