Abacus Global Management (NYSE:ABX) Reaches New 52-Week High – Time to Buy?

Abacus Global Management, Inc. (NYSE:ABX) reached a new 52-week high on Monday . The company traded as high as $11.90 and last traded at $11.7580, with a volume of 345 shares. The stock had previously closed at $11.86.

Wall Street Analyst Weigh In

ABX has been the topic of a number of recent analyst reports. Texas Capital upgraded Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. Wall Street Zen downgraded Abacus Global Management from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Piper Sandler lifted their price target on shares of Abacus Global Management from $9.50 to $10.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, Weiss Ratings reissued 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’s stock. According to data from MarketBeat, Abacus Global Management presently has an average rating of “Moderate Buy” and a consensus target price of $10.00.

Abacus Global Management Trading Up 3.1%

The stock has a fifty day moving average price of $9.45. The stock has a market cap of $1.17 billion, a P/E ratio of 31.33 and a beta of 0.06. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.91 and a quick ratio of 1.91.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Citizens Financial Group Inc. RI acquired a new stake in shares of Abacus Global Management during the 4th quarter worth about $889,000. Summit Wealth & Retirement Planning Inc. purchased a new position in Abacus Global Management during the fourth quarter worth about $86,000. Pacific Ridge Capital Partners LLC purchased a new position in Abacus Global Management during the fourth quarter worth about $962,000. World Investment Advisors acquired a new stake in shares of Abacus Global Management during the fourth quarter valued at about $181,000. Finally, Axxcess Wealth Management LLC acquired a new stake in shares of Abacus Global Management during the fourth quarter valued at about $98,000.

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.