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

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totalling 884,800 shares, an increase of 124.6% from the September 15th total of 393,900 shares. Approximately 7.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 93,100 shares, the short-interest ratio is presently 9.5 days.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ABL shares. TD Cowen started coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They issued a "buy" rating and a $14.00 price target on the stock. B. Riley Financial restated a "buy" rating and issued a $16.00 price target on shares of Abacus Life in a research report on Friday, August 30th. Piper Sandler started coverage on shares of Abacus Life in a research report on Wednesday, June 26th. They issued an "overweight" rating and a $12.00 price target on the stock. Finally, B. Riley restated a "buy" rating and issued a $16.00 price target (up from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $14.50.

Abacus Life Price Performance

Shares of ABL stock traded up $0.50 during trading hours on Friday, reaching $10.24. 51,575 shares of the company were exchanged, compared to its average volume of 64,140. Abacus Life has a fifty-two week low of $5.75 and a fifty-two week high of $13.25. The stock's fifty day moving average is $10.08 and its two-hundred day moving average is $10.48. The company has a market cap of $764.42 million, a price-to-earnings ratio of -102.39 and a beta of 0.12. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84.

Abacus Life (NASDAQ:ABL - Get Free Report) last announced its earnings results on Monday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.05. Abacus Life had a negative net margin of 6.19% and a positive return on equity of 7.02%. The company had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.57 million. During the same period in the prior year, the business earned $0.13 earnings per share. Sell-side analysts forecast that Abacus Life will post 0.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Abacus Life

Several large investors have recently bought and sold shares of the business. Mendon Capital Advisors Corp acquired a new position in Abacus Life in the second quarter valued at approximately $4,974,000. Clearbridge Investments LLC acquired a new position in Abacus Life in the second quarter valued at approximately $4,342,000. Point72 Asset Management L.P. acquired a new position in Abacus Life in the second quarter valued at approximately $5,190,000. Quarry LP acquired a new position in Abacus Life in the second quarter valued at approximately $318,000. Finally, Sei Investments Co. acquired a new position in Abacus Life in the second quarter valued at approximately $418,000.

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.