Short Interest in Abacus Life, Inc. (NASDAQ:ABL) Grows By 27.5%

Abacus Life, Inc. (NASDAQ:ABL) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 352,400 shares, a growth of 27.5% from the August 15th total of 276,300 shares. Currently, 2.6% of the shares of the company are sold short. Based on an average trading volume of 89,000 shares, the short-interest ratio is currently 4.0 days.

Hedge Funds Weigh In On Abacus Life

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Abacus Life during the 2nd quarter valued at $9,909,000. Principal Financial Group Inc. acquired a new stake in shares of Abacus Life during the 2nd quarter valued at $8,105,000. Point72 Asset Management L.P. acquired a new stake in shares of Abacus Life during the 2nd quarter valued at $5,190,000. Mendon Capital Advisors Corp acquired a new stake in shares of Abacus Life during the 2nd quarter valued at $4,974,000. Finally, Clearbridge Investments LLC acquired a new stake in shares of Abacus Life during the 2nd quarter valued at $4,342,000.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ABL shares. B. Riley Financial reissued a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. TD Cowen began coverage on Abacus Life in a report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price target on the stock. B. Riley reaffirmed a “buy” rating and set a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a report on Thursday, August 29th. Finally, Piper Sandler began coverage on Abacus Life in a report on Wednesday, June 26th. They set an “overweight” rating and a $12.00 price target on the stock. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $14.50.

Abacus Life Trading Up 2.8 %

Abacus Life stock opened at $10.20 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.84 and a current ratio of 1.84. The firm has a market cap of $761.43 million, a price-to-earnings ratio of 510.26 and a beta of 0.12. Abacus Life has a 1 year low of $5.75 and a 1 year high of $13.25. The firm’s 50 day moving average price is $9.78 and its two-hundred day moving average price is $10.75.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings results on Monday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.05. The firm had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.57 million. Abacus Life had a negative net margin of 6.19% and a positive return on equity of 7.02%. During the same quarter in the previous year, the business posted $0.13 earnings per share. On average, research analysts predict that Abacus Life will post 0.57 EPS for the current fiscal year.

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.