Northland Capmk Upgrades Abacus Life (NASDAQ:ABL) to “Strong-Buy”

Northland Capmk upgraded shares of Abacus Life (NASDAQ:ABL) to a strong-buy rating in a report issued on Thursday, Zacks.com reports.

A number of other equities analysts also recently issued reports on ABL. B. Riley Financial reiterated a “buy” rating and set a $16.00 price objective on shares of Abacus Life in a research note on Friday, August 30th. TD Cowen assumed coverage on Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 target price on the stock. Piper Sandler assumed coverage on Abacus Life in a report on Wednesday, June 26th. They issued an “overweight” rating and a $12.00 price target on the stock. B. Riley reissued a “buy” rating and set a $16.00 price target (up from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. Finally, Northland Securities began coverage on shares of Abacus Life in a research report on Thursday. They set an “outperform” rating and a $13.50 target price for the company. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Abacus Life currently has a consensus rating of “Buy” and an average price target of $14.30.

Abacus Life Price Performance

Abacus Life stock opened at $9.03 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a market cap of $674.09 million, a price-to-earnings ratio of -90.29 and a beta of 0.12. The firm has a 50-day moving average of $9.94 and a two-hundred day moving average of $10.29. Abacus Life has a 1 year low of $5.75 and a 1 year high of $13.25.

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

Hedge Funds Weigh In On Abacus Life

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