Abacus Life (NASDAQ:ABL) Shares Gap Up to $10.59

Shares of Abacus Life, Inc. (NASDAQ:ABL) gapped up prior to trading on Monday . The stock had previously closed at $10.59, but opened at $11.76. Abacus Life shares last traded at $10.19, with a volume of 56,689 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Piper Sandler began coverage on shares of Abacus Life in a report on Wednesday, June 26th. They issued an “overweight” rating and a $12.00 target price for the company. TD Cowen initiated 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 dropped their target price on shares of Abacus Life from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, June 24th. Finally, B. Riley reaffirmed a “buy” rating and set a $15.00 target price (down previously from $16.00) on shares of Abacus Life in a research report on Monday, June 24th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $14.00.

Abacus Life Stock Performance

The stock has a market capitalization of $649.48 million, a P/E ratio of 572.50 and a beta of 0.12. The company has a 50-day moving average price of $9.56 and a two-hundred day moving average price of $11.08. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 1.03.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data on Monday, May 13th. The company reported $0.11 EPS for the quarter. The business had revenue of $21.49 million for the quarter. Abacus Life had a return on equity of 4.96% and a net margin of 0.11%. On average, equities analysts forecast that Abacus Life, Inc. will post 0.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Richard W. Paul & Associates LLC raised its stake in shares of Abacus Life by 4.8% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after acquiring an additional 1,401 shares in the last quarter. Inscription Capital LLC purchased a new position in Abacus Life during the first quarter valued at $137,000. Renaissance Technologies LLC purchased a new position in Abacus Life during the second quarter valued at $106,000. Levin Capital Strategies L.P. acquired a new stake in shares of Abacus Life in the second quarter valued at about $130,000. Finally, Quarry LP acquired a new stake in Abacus Life during the fourth quarter worth about $463,000.

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.