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

Discovery Capital Management LLC CT purchased a new stake in shares of Abacus Life, Inc. (NASDAQ:ABL - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 250,000 shares of the company's stock, valued at approximately $1,958,000. Discovery Capital Management LLC CT owned about 0.26% of Abacus Life at the end of the most recent quarter.

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

Abacus Life Stock Down 7.2 %

Shares of NASDAQ:ABL traded down $0.55 on Friday, reaching $7.08. The company had a trading volume of 466,354 shares, compared to its average volume of 148,224. The firm has a market capitalization of $684.25 million, a PE ratio of -39.33 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. The firm's 50 day simple moving average is $7.60 and its 200-day simple moving average is $8.21.

Abacus Life (NASDAQ:ABL - Get Free Report) last announced its earnings results on Thursday, March 27th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $33.21 million during the quarter, compared to the consensus estimate of $28.76 million. As a group, analysts expect that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, B. Riley lowered their target price on Abacus Life from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Abacus Life has an average rating of "Buy" and a consensus price target 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.