Abacus Global Management, Inc. (NYSE:ABX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Abacus Global Management, Inc. (NYSE:ABX) have been given a consensus recommendation of “Moderate Buy” by the five ratings firms that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $13.00.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ABX. Ashford Capital Management Inc. acquired a new position in shares of Abacus Global Management in the 1st quarter valued at $6,815,000. Royce & Associates LP bought a new position in Abacus Global Management during the fourth quarter worth about $16,992,000. Citizens Financial Group Inc. RI acquired a new position in Abacus Global Management in the fourth quarter valued at about $889,000. Kennedy Capital Management LLC bought a new stake in shares of Abacus Global Management in the fourth quarter worth about $5,342,000. Finally, QTR Family Wealth LLC acquired a new stake in shares of Abacus Global Management during the fourth quarter worth about $5,110,000.

Abacus Global Management Stock Performance

ABX traded down $0.64 during mid-day trading on Friday, reaching $9.76. The stock had a trading volume of 87,260 shares, compared to its average volume of 600,778. The company has a market cap of $936.18 million, a PE ratio of 25.44 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 company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.79. The stock has a fifty day moving average price of $10.18.

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.