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

Abacus Life, Inc. (NASDAQ:ABL)’s share price gapped down before the market opened 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 trading hands.

Analysts Set New Price Targets

Several brokerages recently issued reports on ABL. TD Cowen initiated coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 target price for the company. B. Riley restated a “buy” rating and issued a $16.00 price target (up from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. 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. Finally, B. Riley Financial restated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. Five investment 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.com, the stock has an average rating of “Buy” and a consensus price target of $14.50.

Abacus Life Trading Down 13.3 %

The company’s 50 day simple moving average is $9.30 and its two-hundred day simple moving average is $9.84. The company has a market capitalization of $563.61 million, a price-to-earnings ratio of -41.94 and a beta of 0.15. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

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

Institutional Trading of Abacus Life

A number of institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new stake in Abacus Life during the 2nd quarter worth about $106,000. Levin Capital Strategies L.P. acquired a new stake in shares of Abacus Life in the second quarter valued at about $130,000. Richard W. Paul & Associates LLC lifted its position 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 acquiring an additional 1,401 shares in the last quarter. Quarry LP acquired a new stake in shares of Abacus Life in the second quarter worth approximately $318,000. Finally, Sei Investments Co. purchased a new stake in shares of Abacus Life during the second quarter worth approximately $418,000.

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.