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

Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) saw a significant decline in short interest in October. As of October 15th, there was short interest totalling 671,700 shares, a decline of 24.1% from the September 30th total of 884,800 shares. Based on an average daily trading volume, of 89,000 shares, the short-interest ratio is currently 7.5 days. Currently, 5.3% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Richard W. Paul & Associates LLC increased its stake in Abacus Life by 4.8% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company's stock worth $263,000 after buying an additional 1,401 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Abacus Life during the second quarter worth approximately $106,000. Levin Capital Strategies L.P. purchased a new position in shares of Abacus Life during the second quarter worth approximately $130,000. Quarry LP bought a new stake in shares of Abacus Life during the second quarter valued at approximately $318,000. Finally, Sei Investments Co. purchased a new stake in shares of Abacus Life in the second quarter valued at approximately $418,000.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. TD Cowen began coverage on Abacus Life in a report on Wednesday, August 7th. They set a "buy" rating and a $14.00 price target for the company. 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. B. Riley reaffirmed a "buy" rating and set a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. Northland Capmk raised shares of Abacus Life to a "strong-buy" rating in a research note on Thursday. Finally, Northland Securities started coverage on shares of Abacus Life in a report on Thursday. They issued an "outperform" rating and a $13.50 target price on the stock. Five equities research 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.com, the company has a consensus rating of "Buy" and an average price target of $14.30.

Abacus Life Trading Down 0.8 %

NASDAQ ABL traded down $0.07 on Friday, hitting $9.03. 33,467 shares of the stock were exchanged, compared to its average volume of 64,611. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.84 and a current ratio of 1.84. Abacus Life has a 52-week low of $5.75 and a 52-week high of $13.25. The firm has a market capitalization of $674.09 million, a P/E ratio of -90.29 and a beta of 0.12. The stock has a fifty day moving average price of $9.94 and a two-hundred day moving average price of $10.28.

Abacus Life (NASDAQ:ABL - Get Free Report) last released its quarterly earnings results on Monday, August 12th. The company reported $0.18 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 firm had revenue of $29.08 million during the quarter, compared to analysts' expectations of $28.57 million. During the same period in the previous year, the company earned $0.13 EPS. Research analysts forecast that Abacus Life will post 0.57 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.