Abacus Global Management (NYSE:ABX) Shares Gap Up – Here’s Why

Abacus Global Management, Inc. (NYSE:ABX)’s stock price gapped up before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ABX shares. Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. Piper Sandler cut their target price on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a report on Thursday, June 11th. Wall Street Zen cut Abacus Global Management from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Abacus Global Management Stock Performance

The company has a market capitalization of $900.59 million, a price-to-earnings 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 business has a 50-day moving average of $10.20.

Insider Transactions at Abacus Global Management

In related news, major shareholder Kevin Scott Kirby sold 38,334 shares of Abacus Global Management stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,223.54. Following the completion of the sale, the insider owned 12,610,305 shares of the company’s stock, valued at $130,012,244.55. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Matthew Ganovsky 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 value of $395,213.23. Following the sale, the insider owned 8,755,260 shares of the company’s stock, valued at approximately $90,266,730.60. This trade represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 115,000 shares of company stock worth $1,185,650 in the last ninety days. Insiders own 46.40% of the company’s stock.

Hedge Funds Weigh In On Abacus Global Management

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

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.