Abacus Global Management (NYSE:ABX) Reaches New 1-Year High – Still a Buy?

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

Wall Street Analyst Weigh In

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

Abacus Global Management Stock Up 8.8%

The stock has a fifty day moving average price of $9.31. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 29.88 and a beta of 0.09. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.79.

Hedge Funds Weigh In On Abacus Global Management

Several large investors have recently modified their holdings of the stock. Russell Investments Group Ltd. purchased a new stake in Abacus Global Management during the 4th quarter valued at about $30,000. New York State Common Retirement Fund purchased a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $75,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $83,000. Summit Wealth & Retirement Planning Inc. bought a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $86,000. Finally, Intech Investment Management LLC bought a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $96,000.

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.