Abacus Life, Inc. (NASDAQ:ABL) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Abacus Life, Inc. (NASDAQ:ABL) have earned a consensus rating of “Buy” from the six ratings firms that are currently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $13.70.

ABL has been the topic of a number of recent research reports. Maxim Group initiated coverage on Abacus Life in a report on Tuesday, April 29th. They set a “buy” rating and a $14.00 price objective on the stock. Wall Street Zen raised Abacus Life from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Finally, Piper Sandler dropped their price objective on Abacus Life from $12.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, July 2nd.

Hedge Funds Weigh In On Abacus Life

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AlphaQuest LLC purchased a new position in Abacus Life during the second quarter worth about $25,000. Darwin Wealth Management LLC purchased a new position in Abacus Life during the second quarter worth about $27,000. Raymond James Financial Inc. purchased a new position in Abacus Life during the second quarter worth about $34,000. Legal & General Group Plc purchased a new position in Abacus Life during the second quarter worth about $34,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Abacus Life during the second quarter worth about $41,000.

Abacus Life Stock Performance

NASDAQ:ABL opened at $6.44 on Wednesday. The business’s fifty day moving average is $5.51 and its 200 day moving average is $6.96. The firm has a market cap of $623.71 million, a price-to-earnings ratio of -107.33 and a beta of 0.01. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.76 and a current ratio of 0.76. Abacus Life has a 52-week low of $4.60 and a 52-week high of $11.00.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. The business had revenue of $56.23 million for the quarter, compared to analysts’ expectations of $43.38 million. Abacus Life had a positive return on equity of 17.65% and a negative net margin of 0.72%. Research analysts predict that Abacus Life will post 0.62 EPS for the current year.

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.