Abacus Global Management (NYSE:ABX) Sets New 1-Year High – Here’s Why

Abacus Global Management, Inc. (NYSE:ABX)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $10.54 and last traded at $10.29, with a volume of 147009 shares. The stock had previously closed at $9.80.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Piper Sandler downgraded Abacus Global Management from an “overweight” rating to a “neutral” rating and set a $11.00 target price on the stock. in a research report on Friday, March 13th. Wall Street Zen cut Abacus Global Management from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings started coverage on Abacus Global Management in a research note on Thursday, January 29th. They issued a “hold (c-)” rating for the company. Finally, Zacks Research lowered Abacus Global Management from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Abacus Global Management has an average rating of “Hold” and a consensus target price of $11.00.

Abacus Global Management Stock Up 1.8%

The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.93 and a current ratio of 0.47. The firm has a market cap of $986.79 million, a P/E ratio of 27.28 and a beta of -0.14.

Abacus Global Management (NYSE:ABX) last issued its earnings results on Thursday, March 12th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03. The business had revenue of $71.90 million for the quarter. Abacus Global Management had a return on equity of 19.20% and a net margin of 15.53%.

Hedge Funds Weigh In On Abacus Global Management

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABX. Kennedy Capital Management LLC acquired a new stake in shares of Abacus Global Management in the 4th quarter worth $5,342,000. QTR Family Wealth LLC acquired a new position in shares of Abacus Global Management during the 4th quarter valued at about $5,110,000. JB Capital Partners LP acquired a new position in shares of Abacus Global Management during the 4th quarter valued at about $684,000. Oasis Management Co Ltd. purchased a new stake in shares of Abacus Global Management in the fourth quarter valued at about $197,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Abacus Global Management in the fourth quarter valued at about $1,510,000.

About Abacus Global Management

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.