Discovery Capital Management LLC CT Acquires Shares of 250,000 Abacus Life, Inc. (NASDAQ:ABL)

Discovery Capital Management LLC CT purchased a new stake in Abacus Life, Inc. (NASDAQ:ABL - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 250,000 shares of the company's stock, valued at approximately $1,958,000. Discovery Capital Management LLC CT owned approximately 0.26% of Abacus Life at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its holdings in Abacus Life by 23.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company's stock valued at $10,830,000 after buying an additional 263,036 shares during the last quarter. Royce & Associates LP boosted its position in shares of Abacus Life by 339.9% during the 4th quarter. Royce & Associates LP now owns 1,306,431 shares of the company's stock worth $10,229,000 after acquiring an additional 1,009,431 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Abacus Life by 7.9% in the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company's stock valued at $10,233,000 after acquiring an additional 74,172 shares during the last quarter. Stieven Capital Advisors L.P. raised its position in shares of Abacus Life by 128.2% during the 4th quarter. Stieven Capital Advisors L.P. now owns 741,810 shares of the company's stock worth $5,808,000 after acquiring an additional 416,800 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Abacus Life by 24.0% during the fourth quarter. Clearbridge Investments LLC now owns 645,712 shares of the company's stock worth $5,056,000 after purchasing an additional 124,792 shares during the last quarter.

Remove Ads

Abacus Life Stock Performance

Shares of Abacus Life stock traded up $0.54 on Wednesday, hitting $7.87. The stock had a trading volume of 400,788 shares, compared to its average volume of 145,699. The company's 50 day moving average price is $7.62 and its 200 day moving average price is $8.23. The stock has a market cap of $760.60 million, a price-to-earnings ratio of -43.72 and a beta of 0.14. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. Abacus Life, Inc. has a 52-week low of $6.75 and a 52-week high of $12.50.

Abacus Life (NASDAQ:ABL - Get Free Report) last posted its quarterly earnings data on Thursday, March 27th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. The business had revenue of $33.21 million during the quarter, compared to the consensus estimate of $28.76 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. On average, research analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, B. Riley dropped their price target on shares of Abacus Life from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, January 7th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Abacus Life presently has a consensus rating of "Buy" and a consensus target price of $14.30.

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.