Abacus Life (NASDAQ:ABL) Shares Gap Down – What’s Next?

Abacus Life, Inc. (NASDAQ:ABL)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $8.71, but opened at $7.72. Abacus Life shares last traded at $7.79, with a volume of 637,581 shares.

Analysts Set New Price Targets

Several analysts have issued reports on ABL shares. B. Riley Financial restated a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a research note on Friday, August 30th. Northland Securities initiated coverage on shares of Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price target for the company. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. TD Cowen began coverage on shares of Abacus Life in a report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price target on the stock. Finally, Piper Sandler reissued an “overweight” rating and set a $13.00 price objective (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Five equities research 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, the stock has an average rating of “Buy” and a consensus price target of $14.50.

Abacus Life Stock Down 13.3 %

The stock has a market capitalization of $563.61 million, a P/E ratio of -41.94 and a beta of 0.15. The stock has a 50 day moving average price of $9.30 and a 200-day moving average price of $9.84. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $28.15 million during the quarter, compared to the consensus estimate of $26.08 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. During the same period in the prior year, the firm posted $0.01 earnings per share. As a group, research analysts expect that Abacus Life, Inc. will post 0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Abacus Life

Institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new stake in shares of Abacus Life in the 2nd quarter worth about $106,000. Levin Capital Strategies L.P. purchased a new stake in shares of Abacus Life during the second quarter valued at $130,000. Richard W. Paul & Associates LLC lifted its stake in Abacus Life by 4.8% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock valued at $263,000 after acquiring an additional 1,401 shares during the period. Quarry LP bought a new stake in shares of Abacus Life in the second quarter worth approximately $318,000. Finally, Sei Investments Co. bought a new position in Abacus Life during the second quarter valued at approximately $418,000.

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.