Abacus Global Management (NYSE:ABX) Reaches New 52-Week High – Time to Buy?

Shares of Abacus Global Management, Inc. (NYSE:ABX) hit a new 52-week high on Monday . The company traded as high as $11.90 and last traded at $11.7580, with a volume of 345 shares trading hands. The stock had previously closed at $11.86.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Piper Sandler lifted their target price on Abacus Global Management from $9.50 to $10.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. Finally, Wall Street Zen downgraded shares of Abacus Global Management from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Abacus Global Management has a consensus rating of “Moderate Buy” and an average price target of $10.00.

Abacus Global Management Trading Up 3.1%

The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 31.33 and a beta of 0.06. The firm’s fifty day moving average price is $9.45. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.79.

Institutional Investors Weigh In On Abacus Global Management

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new stake in Abacus Global Management during the fourth quarter worth $30,000. New York State Common Retirement Fund purchased a new position in Abacus Global Management in the fourth quarter valued at $75,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Abacus Global Management in the fourth quarter worth about $83,000. Summit Wealth & Retirement Planning Inc. acquired a new position in shares of Abacus Global Management in the fourth quarter worth about $86,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Abacus Global Management during the 4th quarter worth about $96,000.

About Abacus Global Management

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.