Piper Sandler Has Lowered Expectations for Abacus Life (NASDAQ:ABL) Stock Price

Abacus Life (NASDAQ:ABL) had its price objective cut by investment analysts at Piper Sandler from $13.00 to $11.50 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 63.35% from the stock’s previous close.

Separately, B. Riley cut their target price on shares of Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $14.00.

Abacus Life Stock Performance

Shares of ABL stock opened at $7.04 on Tuesday. The company has a market capitalization of $681.85 million, a price-to-earnings ratio of -39.11 and a beta of 0.16. Abacus Life has a 1-year low of $6.68 and a 1-year high of $12.50. 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 stock’s fifty day simple moving average is $7.58 and its 200-day simple moving average is $8.16.

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

Hedge Funds Weigh In On Abacus Life

A number of hedge funds have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. lifted its stake in Abacus Life by 116.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company’s stock valued at $19,894,000 after acquiring an additional 1,367,210 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Abacus Life by 23.2% in the 4th 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 last quarter. Royce & Associates LP lifted its stake in shares of Abacus Life by 339.9% in the 4th quarter. Royce & Associates LP now owns 1,306,431 shares of the company’s stock valued at $10,229,000 after purchasing an additional 1,009,431 shares during the last quarter. Mendon Capital Advisors Corp boosted its holdings in Abacus Life by 137.1% in the fourth quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company’s stock worth $10,209,000 after purchasing an additional 753,826 shares in the last quarter. Finally, Curi RMB Capital LLC increased its position in Abacus Life by 110.7% during the fourth quarter. Curi RMB Capital LLC now owns 1,159,000 shares of the company’s stock worth $9,075,000 after buying an additional 609,000 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.