Abacus Life (NASDAQ:ABL) Shares Gap Down - Should You Sell?

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report)'s share price gapped down prior to trading 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.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ABL shares. TD Cowen began coverage on shares of Abacus Life in a report on Wednesday, August 7th. They set a "buy" rating and a $14.00 target price for the company. Northland Capmk upgraded Abacus Life to a "strong-buy" rating in a report on Thursday, October 24th. Piper Sandler reiterated an "overweight" rating and issued a $13.00 price objective (up from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Northland Securities assumed coverage on Abacus Life in a report on Thursday, October 24th. They set an "outperform" rating and a $13.50 target price for the company. Finally, B. Riley reiterated a "buy" rating and issued a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a report on Thursday, August 29th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Abacus Life has a consensus rating of "Buy" and an average price target of $14.50.

Abacus Life Stock Down 11.0 %

The company has a market capitalization of $578.55 million, a PE ratio of -42.39 and a beta of 0.15. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The company's 50-day moving average is $9.38 and its 200 day moving average is $9.88.

Abacus Life (NASDAQ:ABL - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.06. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The business had revenue of $28.15 million during the quarter, compared to analyst estimates of $26.08 million. During the same quarter in the previous year, the firm earned $0.01 EPS. As a group, analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current year.

Institutional Trading of Abacus Life

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in Abacus Life in the second quarter worth about $9,909,000. Principal Financial Group Inc. increased its holdings in Abacus Life by 7.9% in the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company's stock worth $10,233,000 after acquiring an additional 74,172 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Abacus Life during the 2nd quarter worth approximately $5,190,000. Curi RMB Capital LLC lifted its holdings in Abacus Life by 2.4% during the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company's stock valued at $5,566,000 after purchasing an additional 12,765 shares in the last quarter. Finally, Mendon Capital Advisors Corp bought a new position in shares of Abacus Life in the second quarter worth approximately $4,974,000.

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.

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