Abacus Life, Inc. (NASDAQ:ABL) Short Interest Update

Abacus Life, Inc. (NASDAQ:ABL) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 770,200 shares, an increase of 14.7% from the October 15th total of 671,700 shares. Based on an average daily trading volume, of 87,600 shares, the days-to-cover ratio is currently 8.8 days. Approximately 6.1% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

ABL has been the subject of a number of research reports. B. Riley Financial restated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. TD Cowen started coverage on Abacus Life in a research note on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective for the company. B. Riley reaffirmed a “buy” rating and set a $16.00 target price (up from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. Northland Capmk raised Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Finally, Piper Sandler reissued an “overweight” rating and issued a $13.00 price target (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $14.50.

Abacus Life Stock Down 1.7 %

Shares of Abacus Life stock opened at $8.34 on Monday. The firm has a market cap of $622.59 million, a price-to-earnings ratio of -46.33 and a beta of 0.15. The stock has a 50-day simple moving average of $9.46 and a 200-day simple moving average of $9.94. Abacus Life has a 52-week low of $5.85 and a 52-week high of $13.25. 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 (NASDAQ:ABL) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $28.15 million for the quarter, compared to the consensus estimate of $26.08 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. During the same quarter last year, the firm earned $0.01 EPS. On average, equities research analysts expect that Abacus Life will post 0.6 earnings per share for the current fiscal year.

Institutional Trading of Abacus Life

A number of institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC bought a new stake in Abacus Life during the 2nd quarter valued at approximately $106,000. Levin Capital Strategies L.P. bought a new position in Abacus Life during the second quarter worth $130,000. Richard W. Paul & Associates LLC raised its stake in Abacus Life by 4.8% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock valued at $263,000 after purchasing an additional 1,401 shares during the last quarter. Quarry LP bought a new stake in Abacus Life in the 2nd quarter valued at $318,000. Finally, Sei Investments Co. acquired a new stake in Abacus Life in the 2nd quarter worth $418,000.

About Abacus Life

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.