Piper Sandler Cuts Abacus Global Management (NYSE:ABX) Price Target to $12.00

Abacus Global Management (NYSE:ABX) had its price objective reduced by research analysts at Piper Sandler from $13.00 to $12.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price suggests a potential upside of 24.99% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. Wall Street Zen cut shares of Abacus Global Management from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a research note on Friday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a research report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.00.

Abacus Global Management Stock Performance

NYSE:ABX traded down $0.80 on Friday, hitting $9.60. The stock had a trading volume of 299,517 shares, compared to its average volume of 602,073. Abacus Global Management has a 1 year low of $5.00 and a 1 year high of $12.44. The firm’s fifty day simple moving average is $10.18. 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 firm has a market cap of $920.93 million, a PE ratio of 24.65 and a beta of 0.07.

Insider Buying and Selling

In other Abacus Global Management news, major shareholder Sean Mcnealy sold 38,333 shares of the company’s stock in a transaction dated 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 sale, the insider directly owned 12,610,606 shares in the company, valued at $130,015,347.86. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Kevin Scott Kirby sold 38,334 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,223.54. Following the transaction, the insider owned 12,610,305 shares in the company, valued at approximately $130,012,244.55. The trade was a 0.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 115,000 shares of company stock worth $1,185,650. Corporate insiders own 46.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Alyeska Investment Group L.P. purchased a new position in Abacus Global Management during the 4th quarter valued at $17,554,000. Mendon Capital Advisors Corp purchased a new stake in shares of Abacus Global Management in the 4th quarter worth about $17,207,000. Royce & Associates LP bought a new stake in shares of Abacus Global Management during the 4th quarter valued at about $16,992,000. Goldman Sachs Group Inc. bought a new stake in shares of Abacus Global Management during the 4th quarter valued at about $10,409,000. Finally, Alta Fundamental Advisers LLC purchased a new position in shares of Abacus Global Management during the fourth quarter valued at about $9,385,000.

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.