Abacus Global Management (NYSE:ABX) Trading 9.6% Higher – Here’s What Happened

Shares of Abacus Global Management, Inc. (NYSE:ABX) were up 9.6% during trading on Wednesday . The stock traded as high as $11.79 and last traded at $11.7350. Approximately 207,370 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 595,877 shares. The stock had previously closed at $10.71.

Analyst Ratings Changes

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

Abacus Global Management Stock Performance

The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.79. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 29.74 and a beta of 0.09. The company has a fifty day simple moving average of $9.31.

Hedge Funds Weigh In On Abacus Global Management

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

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.