Abacus Life (NASDAQ:ABL) Shares Gap Up Following Earnings Beat

Abacus Life, Inc. (NASDAQ:ABL)’s share price gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $7.15, but opened at $7.73. Abacus Life shares last traded at $7.98, with a volume of 210,753 shares changing hands.

The company reported $0.16 EPS for the quarter, topping 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 company had revenue of $33.21 million for the quarter, compared to analysts’ expectations of $28.76 million.

Analysts Set New Price Targets

Separately, B. Riley reduced their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $14.30.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ABL. Charles Schwab Investment Management Inc. acquired a new stake in Abacus Life in the third quarter valued at about $614,000. Geode Capital Management LLC increased its holdings in Abacus Life by 439.6% in the third quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock valued at $1,741,000 after purchasing an additional 140,054 shares during the period. Franklin Resources Inc. increased its holdings in Abacus Life by 3.6% in the third quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock valued at $4,382,000 after purchasing an additional 15,308 shares during the period. Principal Financial Group Inc. raised its position in Abacus Life by 7.9% during the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after purchasing an additional 74,172 shares during the last quarter. Finally, Geneos Wealth Management Inc. acquired a new position in Abacus Life during the 4th quarter worth about $110,000.

Abacus Life Price Performance

The stock has a market cap of $736.43 million, a P/E ratio of -42.33 and a beta of 0.14. The business has a 50-day simple moving average of $7.62 and a 200 day simple moving average of $8.29. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65.

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.