Abacus Global Management (NYSE:ABX) Reaches New 52-Week High – Here’s What Happened

Shares of Abacus Global Management, Inc. (NYSE:ABX) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $10.57 and last traded at $10.3720, with a volume of 660852 shares trading hands. The stock had previously closed at $9.91.

Analysts Set New Price Targets

ABX has been the subject of several analyst reports. Texas Capital raised Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Abacus Global Management in a report on Thursday, June 11th. Piper Sandler increased their price target on Abacus Global Management from $9.50 to $10.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Finally, Wall Street Zen cut Abacus Global Management from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Abacus Global Management Trading Up 9.0%

The firm has a 50-day moving average of $9.24. The stock has a market capitalization of $1.04 billion, a PE ratio of 27.47 and a beta of 0.09. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.91 and a current ratio of 1.91.

Institutional Trading of Abacus Global Management

A number of hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. bought a new position in Abacus Global Management in the 4th quarter valued at $30,000. Bank of New York Mellon Corp raised its stake in shares of Abacus Global Management by 5.1% during the 1st quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company’s stock worth $1,199,000 after purchasing an additional 7,444 shares during the period. New York State Common Retirement Fund purchased a new position in shares of Abacus Global Management in the 4th quarter worth about $75,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Abacus Global Management in the 4th quarter worth about $83,000. Finally, Summit Wealth & Retirement Planning Inc. bought a new position in Abacus Global Management during the fourth quarter valued at about $86,000.

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.