Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $7.15, but opened at $7.73. Abacus Life shares last traded at $7.98, with a volume of 210,753 shares traded.
The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The business had revenue of $33.21 million for the quarter, compared to the consensus estimate of $28.76 million.
Analyst Ratings Changes
Separately, B. Riley decreased their price objective 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 equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $14.30.
Read Our Latest Stock Report on Abacus Life
Institutional Trading of Abacus Life
Institutional investors and hedge funds have recently made changes to their positions in the business. Alyeska Investment Group L.P. grew its stake in Abacus Life by 116.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company's stock valued at $19,894,000 after acquiring an additional 1,367,210 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of 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 purchasing an additional 263,036 shares during the period. Royce & Associates LP increased its stake in shares of Abacus Life by 339.9% during the fourth quarter. Royce & Associates LP now owns 1,306,431 shares of the company's stock worth $10,229,000 after purchasing an additional 1,009,431 shares in the last quarter. Mendon Capital Advisors Corp raised its position in shares of Abacus Life by 137.1% during the 4th quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company's stock worth $10,209,000 after purchasing an additional 753,826 shares during the last quarter. Finally, Curi RMB Capital LLC lifted its stake in Abacus Life by 110.7% in the 4th quarter. Curi RMB Capital LLC now owns 1,159,000 shares of the company's stock valued at $9,075,000 after buying an additional 609,000 shares in the last quarter.
Abacus Life Trading Down 0.5 %
The company has a fifty day moving average of $7.62 and a 200-day moving average of $8.26. The company has a market capitalization of $720.01 million, a price-to-earnings ratio of -41.21 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.
About Abacus Life
(
Get Free Report)
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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