Abacus Global Management, Inc. (NYSE:ABX) Stock Has Average Target Price of $10.00

Abacus Global Management, Inc. (NYSE:ABX) has earned an average rating of “Moderate Buy” from the five analysts that are covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $10.00.

Several equities analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. B. Riley Financial reaffirmed a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Finally, Piper Sandler dropped their target price on Abacus Global Management from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday.

Insider Transactions at Abacus Global Management

In other Abacus Global Management news, CFO William Hugh Mccauley, Jr. sold 125,000 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $9.10, for a total transaction of $1,137,500.00. Following the transaction, the chief financial officer owned 915,260 shares of the company’s stock, valued at $8,328,866. The trade was a 12.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Kevin Kirby sold 38,334 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,223.54. Following the sale, the insider owned 12,610,305 shares in the company, valued at approximately $130,012,244.55. This represents a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 748,011 shares of company stock valued at $6,592,002. 46.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Abacus Global Management

Institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue acquired a new position in Abacus Global Management during the third quarter worth $31,000. Engineers Gate Manager LP lifted its stake in Abacus Global Management by 86.0% in the second quarter. Engineers Gate Manager LP now owns 56,557 shares of the company’s stock valued at $606,000 after acquiring an additional 26,157 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Abacus Global Management by 20.8% in the second quarter. Squarepoint Ops LLC now owns 55,551 shares of the company’s stock valued at $595,000 after acquiring an additional 9,580 shares during the last quarter. Grandeur Peak Global Advisors LLC lifted its stake in Abacus Global Management by 31.6% in the second quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock valued at $2,204,000 after acquiring an additional 49,447 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Abacus Global Management in the second quarter valued at $221,000.

Abacus Global Management Trading Up 7.2%

Shares of NYSE:ABX opened at $8.41 on Wednesday. The company’s 50-day moving average price is $8.83 and its two-hundred day moving average price is $9.36. Abacus Global Management has a one year low of $5.00 and a one year high of $12.44. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $822.92 million, a PE ratio of 30.05 and a beta of 0.08.

Abacus Global Management declared that its Board of Directors has approved a stock repurchase plan on Friday, August 14th that authorizes the company to repurchase $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 12.2% of its shares through open market purchases. Share buyback plans are generally an indication that the company’s board believes its stock is undervalued.

About Abacus Global Management

Abacus Global Management, Inc is an alternative asset manager focused on the life insurance secondary market. Through its operating businesses, the company acquires life insurance policies from policyholders who no longer need or want them, providing liquidity while managing the policies as investment assets until maturity or another exit event.

The company also provides policy servicing, portfolio management, data and analytics, and related asset-management services. Its business supports institutional investors and other capital partners seeking exposure to life insurance-linked assets, with a focus on underwriting, valuation, longevity analysis, and ongoing policy administration.

Abacus Global Management traces its origins to Abacus Life, which was founded in 2004.