Abacus Life (NASDAQ:ABL) Sees Unusually-High Trading Volume – Here’s What Happened

Abacus Life, Inc. (NASDAQ:ABL) shares saw strong trading volume on Monday . 87,392 shares changed hands during mid-day trading, a decline of 39% from the previous session’s volume of 142,497 shares.The stock last traded at $7.30 and had previously closed at $7.62.

Analyst Ratings Changes

Separately, B. Riley decreased their target price on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Abacus Life has a consensus rating of “Buy” and a consensus price target of $14.30.

Abacus Life Price Performance

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 $708.41 million, a P/E ratio of -40.72 and a beta of 0.14. The company’s 50 day moving average price is $7.61 and its 200-day moving average price is $8.24.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings results on Thursday, March 27th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The firm had revenue of $33.21 million for the quarter, compared to analyst estimates of $28.76 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. As a group, sell-side analysts expect that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

Institutional Trading of Abacus Life

Large investors have recently bought and sold shares of the business. Alyeska Investment Group L.P. grew its stake in Abacus Life by 116.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company’s stock worth $19,894,000 after purchasing an additional 1,367,210 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Abacus Life by 23.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,204 shares of the company’s stock valued at $10,830,000 after purchasing an additional 263,036 shares during the period. Royce & Associates LP boosted its position 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 purchasing an additional 1,009,431 shares in the last quarter. Mendon Capital Advisors Corp grew its stake in shares of Abacus Life by 137.1% in the 4th quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company’s stock valued at $10,209,000 after buying an additional 753,826 shares during the period. Finally, Curi RMB Capital LLC increased its position in Abacus Life by 110.7% in the 4th quarter. Curi RMB Capital LLC now owns 1,159,000 shares of the company’s stock valued at $9,075,000 after buying an additional 609,000 shares in 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.