Abacus Global Management, Inc. (NYSE:ABX) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Abacus Global Management, Inc. (NYSE:ABX) have been given a consensus rating of “Moderate Buy” by the five brokerages that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $12.00.

Several equities research analysts have recently weighed in on ABX shares. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a report on Thursday, June 11th. Piper Sandler cut their target price on shares of Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Wall Street Zen downgraded shares of Abacus Global Management from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. Finally, Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th.

Abacus Global Management Stock Down 0.2%

ABX opened at $8.52 on Friday. The firm has a market capitalization of $816.76 million, a price-to-earnings ratio of 30.41 and a beta of 0.07. Abacus Global Management has a 52 week low of $5.00 and a 52 week high of $12.44. The stock’s 50 day moving average price is $10.20. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.91 and a current ratio of 1.91.

Insider Activity

In related news, major shareholder Matthew Ganovsky sold 38,333 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $10.31, for a total transaction of $395,213.23. Following the transaction, the insider owned 8,755,260 shares of the company’s stock, valued at $90,266,730.60. This trade represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Sean Mcnealy sold 38,333 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $10.31, for a total value of $395,213.23. Following the completion of the transaction, the insider owned 12,610,606 shares in the company, valued at $130,015,347.86. This trade represents a 0.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 115,000 shares of company stock valued at $1,185,650. Insiders own 46.40% of the company’s stock.

Institutional Trading of Abacus Global Management

Hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new position in shares of Abacus Global Management in the fourth quarter valued at approximately $30,000. New York State Common Retirement Fund purchased a new stake in shares of Abacus Global Management during the fourth quarter worth approximately $75,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Abacus Global Management during the fourth quarter worth $83,000. Summit Wealth & Retirement Planning Inc. acquired a new stake in shares of Abacus Global Management during the fourth quarter worth $86,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Abacus Global Management during the fourth quarter worth $96,000.

Abacus Global Management 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.