Abacus Global Management (NYSE:ABX) Hits New 12-Month High – What’s Next?

Abacus Global Management, Inc. (NYSE:ABX) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $10.54 and last traded at $10.29, with a volume of 147009 shares. The stock had previously closed at $9.80.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wall Street Zen downgraded shares of Abacus Global Management from a “buy” rating to a “hold” rating in a research note on Saturday. Zacks Research cut Abacus Global Management from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Weiss Ratings started coverage on Abacus Global Management in a research report on Thursday, January 29th. They set a “hold (c-)” rating for the company. Finally, Piper Sandler downgraded Abacus Global Management from an “overweight” rating to a “neutral” rating and set a $11.00 price objective on the stock. in a report on Friday. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $11.00.

Abacus Global Management Stock Up 5.0%

The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.67. The company has a market cap of $1.01 billion, a P/E ratio of 27.84 and a beta of -0.14.

Abacus Global Management (NYSE:ABX) last announced its quarterly earnings results on Thursday, March 12th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.03. Abacus Global Management had a return on equity of 19.10% and a net margin of 15.53%.The firm had revenue of $71.90 million during the quarter.

Institutional Investors Weigh In On Abacus Global Management

Several hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. purchased a new position in Abacus Global Management in the 4th quarter worth approximately $17,554,000. Mendon Capital Advisors Corp acquired a new position in shares of Abacus Global Management during the fourth quarter worth $17,207,000. Royce & Associates LP purchased a new position in shares of Abacus Global Management in the fourth quarter valued at $16,992,000. Goldman Sachs Group Inc. acquired a new stake in Abacus Global Management during the 4th quarter valued at $10,409,000. Finally, Alta Fundamental Advisers LLC acquired a new stake in Abacus Global Management during the 4th quarter valued at $9,385,000.

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.