Abacus Life (NASDAQ:ABL) Sets New 52-Week Low – Time to Sell?

Abacus Life, Inc. (NASDAQ:ABL)’s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $5.10 and last traded at $6.00, with a volume of 8902652 shares changing hands. The stock had previously closed at $7.64.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ABL shares. Piper Sandler raised their price target on shares of Abacus Life from $11.50 to $12.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Maxim Group started coverage on shares of Abacus Life in a report on Tuesday, April 29th. They issued a “buy” rating and a $14.00 price target for the company. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $14.08.

Abacus Life Price Performance

The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $581.12 million, a P/E ratio of -33.33 and a beta of 0.14. The business’s fifty day moving average price is $7.98 and its 200-day moving average price is $7.80.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The company had revenue of $44.14 million during the quarter, compared to the consensus estimate of $39.51 million. As a group, sell-side analysts predict that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Trading of Abacus Life

A number of hedge funds have recently made changes to their positions in ABL. Allspring Global Investments Holdings LLC lifted its holdings in shares of Abacus Life by 23.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company’s stock worth $10,830,000 after acquiring an additional 263,036 shares during the last quarter. Stieven Capital Advisors L.P. lifted its holdings in shares of Abacus Life by 128.2% during the 4th quarter. Stieven Capital Advisors L.P. now owns 741,810 shares of the company’s stock worth $5,808,000 after acquiring an additional 416,800 shares during the last quarter. Richard W. Paul & Associates LLC lifted its holdings in shares of Abacus Life by 7.5% during the 4th quarter. Richard W. Paul & Associates LLC now owns 41,836 shares of the company’s stock worth $328,000 after acquiring an additional 2,934 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Abacus Life by 339.9% during the 4th quarter. Royce & Associates LP now owns 1,306,431 shares of the company’s stock worth $10,229,000 after acquiring an additional 1,009,431 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Abacus Life by 38.8% during the 4th quarter. Sei Investments Co. now owns 81,525 shares of the company’s stock worth $638,000 after acquiring an additional 22,783 shares during the last quarter.

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.