Abacus Global Management (NYSE:ABX) Trading 9.6% Higher – Should You Buy?

Abacus Global Management, Inc. (NYSE:ABX)’s stock price shot up 9.6% during trading on Wednesday . The company traded as high as $11.79 and last traded at $11.7350. Approximately 207,370 shares traded hands during 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 several analyst reports. Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. Weiss Ratings reiterated 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 report on Saturday, May 2nd. Finally, Piper Sandler boosted their target price 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. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Abacus Global Management presently has an average rating of “Moderate Buy” and an average price target of $10.00.

Abacus Global Management Trading Up 1.4%

The company has a market capitalization of $1.14 billion, a P/E ratio of 30.38 and a beta of 0.06. 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 stock has a 50-day moving average of $9.39.

Institutional Investors Weigh In On Abacus Global Management

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