Abacus Global Management (NYSE:ABX) Shares Gap Up - Should You Buy?

Key Points

• ABX shares gapped higher, opening at $9.04 versus a prior close of $8.52 and recently trading around $9.43.
• Analyst sentiment is mixed but leans positive: the stock carries a “Moderate Buy” consensus rating with a $12.00 average price target, although some firms downgraded it to “Hold” or “Neutral.”
• Insiders have been selling, with 115,000 shares worth about $1.19 million sold over the past 90 days, while several institutional investors recently established sizable positions.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $8.52, but opened at $9.04. Abacus Global Management shares last traded at $9.4260, with a volume of 184,571 shares.

Wall Street Analysts Forecast Growth

ABX has been the subject of a number of recent analyst reports. Wall Street Zen lowered Abacus Global Management from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Piper Sandler cut their price objective on Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Friday, August 7th. B. Riley Financial reissued a "buy" rating on shares of Abacus Global Management in a research note on Friday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Abacus Global Management in a report on Thursday, June 11th. Finally, Texas Capital raised Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $12.00.

Abacus Global Management Stock Performance

The stock has a market capitalization of $900.59 million, a PE ratio of 33.55 and a beta of 0.07. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.79. The company has a 50-day moving average of $10.20.

Insider Buying and Selling

In other Abacus Global Management news, major shareholder Sean Mcnealy sold 38,333 shares of the stock in a transaction 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 owned 12,610,606 shares in the company, valued at approximately $130,015,347.86. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Matthew Ganovsky sold 38,333 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $10.31, for a total value of $395,213.23. Following the transaction, the insider directly owned 8,755,260 shares of the company's stock, valued at $90,266,730.60. This represents a 0.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 115,000 shares of company stock valued at $1,185,650 over the last ninety days. Company insiders own 46.40% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Alyeska Investment Group L.P. purchased a new position in Abacus Global Management during the fourth quarter valued at $17,554,000. Mendon Capital Advisors Corp purchased a new stake in Abacus Global Management during the 4th quarter valued at about $17,207,000. Royce & Associates LP bought a new stake in Abacus Global Management during the 4th quarter valued at about $16,992,000. Goldman Sachs Group Inc. bought a new stake in Abacus Global Management during the 4th quarter valued at about $10,409,000. Finally, Alta Fundamental Advisers LLC purchased a new position in Abacus Global Management in the fourth quarter worth about $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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