Abacus Life, Inc. (NASDAQ:ABL) Sees Significant Growth in Short Interest

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) was the recipient of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 770,200 shares, an increase of 14.7% from the October 15th total of 671,700 shares. Based on an average daily trading volume, of 87,600 shares, the days-to-cover ratio is currently 8.8 days. Currently, 6.1% of the company's stock are sold short.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ABL. Richard W. Paul & Associates LLC grew its position in 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 period. Allspring Global Investments Holdings LLC purchased a new position in shares of Abacus Life in the 2nd quarter valued at about $9,909,000. Principal Financial Group Inc. acquired a new position in Abacus Life in the 2nd quarter worth about $8,105,000. Stieven Capital Advisors L.P. acquired a new position in Abacus Life in the 2nd quarter worth about $2,811,000. Finally, Levin Capital Strategies L.P. acquired a new stake in Abacus Life in the second quarter valued at approximately $130,000.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Piper Sandler restated an "overweight" rating and set a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. TD Cowen started coverage on shares of Abacus Life in a research note on Wednesday, August 7th. They set a "buy" rating and a $14.00 price target on the stock. B. Riley Financial reaffirmed a "buy" rating and issued a $16.00 price target on shares of Abacus Life in a report on Friday, August 30th. Northland Securities initiated coverage on shares of Abacus Life in a report on Thursday, October 24th. They set an "outperform" rating and a $13.50 price objective on the stock. Finally, B. Riley reissued a "buy" rating and issued a $16.00 target price (up from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $14.50.

Abacus Life Stock Performance

Shares of ABL stock traded down $0.14 during trading hours on Friday, hitting $8.34. The company's stock had a trading volume of 41,436 shares, compared to its average volume of 63,337. The stock has a market cap of $622.58 million, a PE 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 50 day moving average of $9.46 and a 200 day moving average of $9.96. 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 (NASDAQ:ABL - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.20 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 negative net margin of 11.65% and a positive return on equity of 12.88%. During the same period in the prior year, the company earned $0.01 earnings per share. On average, sell-side analysts forecast that Abacus Life will post 0.6 EPS for the current fiscal year.

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.