Abacus Life (NASDAQ:ABL) Shares Gap Up After Strong Earnings

Abacus Life, Inc. (NASDAQ:ABL)’s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $8.38, but opened at $9.61. Abacus Life shares last traded at $8.96, with a volume of 47,596 shares traded.

The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $44.14 million during the quarter, compared to the consensus estimate of $39.51 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ABL shares. Piper Sandler increased their target price on shares of Abacus Life from $11.50 to $12.00 and gave the stock an “overweight” rating in a report on Friday. Maxim Group started coverage on Abacus Life in a research report on Tuesday, April 29th. They issued a “buy” rating and a $14.00 target price on the stock. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $14.08.

Institutional Investors Weigh In On Abacus Life

Several hedge funds have recently bought and sold shares of ABL. Franklin Resources Inc. boosted its position in Abacus Life by 3.6% during the third quarter. Franklin Resources Inc. now owns 437,733 shares of the company’s stock worth $4,382,000 after purchasing an additional 15,308 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Abacus Life by 7.9% during the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after buying an additional 74,172 shares during the period. Geneos Wealth Management Inc. acquired a new position in Abacus Life in the 4th quarter valued at about $110,000. Evernest Financial Advisors LLC boosted its holdings in shares of Abacus Life by 63.8% during the fourth quarter. Evernest Financial Advisors LLC now owns 110,250 shares of the company’s stock worth $863,000 after acquiring an additional 42,950 shares during the period. Finally, 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 last quarter.

Abacus Life Stock Up 5.4 %

The company has a market cap of $855.21 million, a price-to-earnings ratio of -49.05 and a beta of 0.14. The firm has a 50-day moving average price of $7.73 and a 200 day moving average price of $7.85. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29.

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.