Abacus Global Management, Inc. (NYSE:ABX) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Abacus Global Management has a “Moderate Buy” consensus among five analysts, with three holds, one buy, and one strong buy. The average 12-month price target is $13.00, above the reported share price of $9.76.
• Shares fell 6.2% to $9.76, while the stock remains within its 52-week range of $5.00 to $12.44 and has a market capitalization of approximately $936 million.
• Insiders sold 115,000 shares worth about $1.19 million over the past 90 days, though insiders still own a substantial 46.4% of the company’s stock.

Shares of Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) have received an average recommendation of "Moderate Buy" from the five brokerages that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $13.00.

Several equities analysts recently commented on the company. Piper Sandler raised their target price on Abacus Global Management from $10.00 to $13.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Texas Capital upgraded shares of Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. Wall Street Zen cut shares of Abacus Global Management from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a report on Thursday, June 11th. Finally, B. Riley Financial restated a "buy" rating on shares of Abacus Global Management in a research report on Friday.

Insider Activity

In other news, major shareholder Kevin Scott Kirby sold 38,334 shares of Abacus Global Management stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $10.31, for a total value of $395,223.54. Following the completion of the transaction, the insider owned 12,610,305 shares in the company, valued at approximately $130,012,244.55. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Sean Mcnealy sold 38,333 shares of the business'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 $395,213.23. Following the completion of the transaction, the insider directly owned 12,610,606 shares in the company, valued at $130,015,347.86. The trade was a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 115,000 shares of company stock worth $1,185,650. Insiders own 46.40% of the company's stock.

Institutional Trading of Abacus Global Management

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

Abacus Global Management Stock Down 6.2%

ABX traded down $0.64 during trading on Friday, reaching $9.76. 87,260 shares of the company's stock were exchanged, compared to its average volume of 600,778. The company has a market cap of $936.18 million, a P/E ratio of 25.44 and a beta of 0.07. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.91 and a quick ratio of 1.91. The firm has a 50 day moving average of $10.18. Abacus Global Management has a fifty-two week low of $5.00 and a fifty-two week high of $12.44.

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.

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