Abacus Life (NASDAQ:ABL) Releases Earnings Results, Beats Estimates By $0.02 EPS

Abacus Life (NASDAQ:ABL) issued its quarterly earnings data on Thursday. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.02, Zacks reports. The firm had revenue of $62.98 million during the quarter, compared to the consensus estimate of $47.42 million. Abacus Life had a positive return on equity of 17.65% and a negative net margin of 0.72%.

Abacus Life Stock Up 22.2%

Shares of NASDAQ:ABL traded up $1.17 during trading on Friday, hitting $6.45. The company’s stock had a trading volume of 2,276,611 shares, compared to its average volume of 650,701. Abacus Life has a fifty-two week low of $4.60 and a fifty-two week high of $9.61. The business has a 50 day moving average price of $5.99 and a two-hundred day moving average price of $6.38. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market capitalization of $624.10 million, a PE ratio of -107.50 and a beta of -0.02.

Analyst Upgrades and Downgrades

ABL has been the subject of several research analyst reports. Piper Sandler lowered their target price on shares of Abacus Life from $10.00 to $9.00 and set an “overweight” rating for the company in a research note on Thursday, October 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Abacus Life in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Abacus Life from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Abacus Life has an average rating of “Moderate Buy” and an average price target of $12.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Abacus Life by 97.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,456,067 shares of the company’s stock worth $14,073,000 after purchasing an additional 1,214,422 shares during the period. Marshall Wace LLP increased its stake in shares of Abacus Life by 175.5% during the second quarter. Marshall Wace LLP now owns 657,251 shares of the company’s stock worth $3,378,000 after buying an additional 418,660 shares during the period. Bank of America Corp DE increased its stake in shares of Abacus Life by 155.2% during the second quarter. Bank of America Corp DE now owns 667,895 shares of the company’s stock worth $3,433,000 after buying an additional 406,143 shares during the period. Goldman Sachs Group Inc. raised its holdings in Abacus Life by 13.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,928,293 shares of the company’s stock valued at $14,443,000 after acquiring an additional 221,712 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its stake in Abacus Life by 1,264.1% in the second quarter. Squarepoint Ops LLC now owns 217,430 shares of the company’s stock worth $1,118,000 after acquiring an additional 201,490 shares during the last quarter.

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.