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

Shares of Abacus Global Management, Inc. (NYSE:ABX) have earned an average recommendation of “Moderate Buy” from the five ratings firms that are currently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $12.00.

Several research firms recently issued reports on ABX. B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Piper Sandler dropped their price target 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. Finally, Texas Capital raised Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th.

Abacus Global Management Trading Down 1.6%

Shares of Abacus Global Management stock opened at $9.58 on Tuesday. The firm’s 50 day simple moving average is $10.24 and its two-hundred day simple moving average is $9.47. The firm has a market capitalization of $936.83 million, a price-to-earnings ratio of 34.21 and a beta of 0.07. Abacus Global Management has a 12-month low of $5.00 and a 12-month high of $12.44. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67.

Abacus Global Management announced that its board has approved a share buyback program on Friday, August 14th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 12.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Abacus Global Management

In other Abacus Global Management news, major shareholder Matthew Ganovsky sold 38,333 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Sean Mcnealy sold 38,333 shares of Abacus Global Management stock in a transaction that occurred 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 sale, the insider owned 12,610,606 shares of the company’s stock, valued at approximately $130,015,347.86. The trade was a 0.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 436,000 shares of company stock valued at $4,042,070 over the last quarter. Company insiders own 46.40% of the company’s stock.

Institutional Trading of Abacus Global Management

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