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

Abacus Life, Inc. (NASDAQ:ABL) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $7.15, but opened at $7.73. Abacus Life shares last traded at $7.98, with a volume of 210,753 shares changing hands.

The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.03. The company had revenue of $33.21 million during the quarter, compared to the consensus estimate of $28.76 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%.

Wall Street Analyst Weigh In

Separately, B. Riley decreased their price target on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $14.30.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in Abacus Life during the 4th quarter worth approximately $110,000. Squarepoint Ops LLC bought a new stake in Abacus Life during the 4th quarter worth approximately $113,000. JPMorgan Chase & Co. boosted its holdings in shares of Abacus Life by 640.9% in the fourth quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company’s stock valued at $131,000 after buying an additional 14,420 shares during the period. LPL Financial LLC increased its position in shares of Abacus Life by 31.0% during the fourth quarter. LPL Financial LLC now owns 23,288 shares of the company’s stock worth $182,000 after acquiring an additional 5,507 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Abacus Life in the 4th quarter valued at approximately $193,000.

Abacus Life Trading Up 11.6 %

The business’s 50 day simple moving average is $7.61 and its two-hundred day simple moving average is $8.31. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock has a market cap of $771.23 million, a P/E ratio of -44.33 and a beta of 0.14.

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.