Abacus Global Management (NYSE:ABX) Price Target Raised to $13.00 at Piper Sandler

Key Points

• Piper Sandler raised its price target on Abacus Global Management (NYSE:ABX) from $10.00 to $13.00, while keeping a neutral rating on the stock. The new target suggests about 17% upside from the prior close.
• Analyst sentiment on ABX is mixed, with recent actions including a strong-buy upgrade from Texas Capital and hold ratings from Weiss Ratings and Wall Street Zen. MarketBeat says the stock currently carries a consensus rating of Moderate Buy with an average target price of $13.00.
• ABX opened at $11.09 and has a market cap of about $1.06 billion, with shares trading between a 52-week low of $4.80 and high of $12.44. The company operates as an alternative asset manager focused on purchasing and servicing life insurance policies.

Abacus Global Management (NYSE:ABX - Get Free Report) had its price target upped by research analysts at Piper Sandler from $10.00 to $13.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Piper Sandler's target price indicates a potential upside of 17.20% from the stock's previous close.

ABX has been the subject of a number of other reports. Texas Capital raised Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Finally, Wall Street Zen lowered 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. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $13.00.

Abacus Global Management Price Performance

ABX stock opened at $11.09 on Monday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.79. The firm has a 50 day moving average of $9.68. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 28.44 and a beta of 0.06. Abacus Global Management has a 1 year low of $4.80 and a 1 year high of $12.44.

Institutional Trading of Abacus Global Management

Several hedge funds have recently modified their holdings of ABX. Alyeska Investment Group L.P. purchased a new stake in shares of Abacus Global Management during the fourth quarter worth approximately $17,554,000. Mendon Capital Advisors Corp purchased a new stake in shares of Abacus Global Management in the 4th quarter valued at approximately $17,207,000. Royce & Associates LP acquired a new stake in shares of Abacus Global Management in the 4th quarter valued at $16,992,000. Goldman Sachs Group Inc. acquired a new stake in shares of Abacus Global Management in the 4th quarter valued at $10,409,000. Finally, Alta Fundamental Advisers LLC purchased a new stake in shares of Abacus Global Management during the 4th quarter worth $9,385,000.

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.

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