Short Interest in Abacus Life, Inc. (NASDAQ:ABL) Grows By 14.7%

Abacus Life, Inc. (NASDAQ:ABL) saw a large growth in short interest in October. As of October 31st, there was short interest totalling 770,200 shares, a growth of 14.7% from the October 15th total of 671,700 shares. Based on an average daily volume of 87,600 shares, the days-to-cover ratio is presently 8.8 days. Currently, 6.1% of the shares of the company are sold short.

Hedge Funds Weigh In On Abacus Life

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

Abacus Life Trading Down 1.7 %

Shares of Abacus Life stock opened at $8.34 on Monday. The stock has a market capitalization of $622.59 million, a P/E ratio of -46.33 and a beta of 0.15. Abacus Life has a 12-month low of $5.85 and a 12-month high of $13.25. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The company has a 50-day simple moving average of $9.46 and a 200 day simple moving average of $9.94.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The company had revenue of $28.15 million during the quarter, compared to analyst estimates 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 quarter last year, the business posted $0.01 earnings per share. Research analysts expect that Abacus Life will post 0.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. TD Cowen initiated coverage on Abacus Life in a research report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 target price for the company. B. Riley Financial reaffirmed a “buy” rating and set a $16.00 price objective on shares of Abacus Life in a report on Friday, August 30th. Northland Securities started coverage on shares of Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 target price on the stock. B. Riley restated a “buy” rating and set a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. Finally, Piper Sandler reaffirmed 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 investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $14.50.

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.