Abacus Global Management (NYSE:ABX) Price Target Cut to $12.00 by Analysts at Piper Sandler

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

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

Abacus Global Management Price Performance

ABX stock traded down $0.80 during midday trading on Friday, hitting $9.60. The stock had a trading volume of 299,517 shares, compared to its average volume of 602,073. The stock’s 50-day moving average price 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 stock has a market cap of $920.93 million, a price-to-earnings ratio of 24.65 and a beta of 0.07. Abacus Global Management has a 52-week low of $5.00 and a 52-week high of $12.44.

Insider Activity

In other Abacus Global Management news, major shareholder Sean Mcnealy sold 38,333 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,213.23. Following the transaction, the insider directly owned 12,610,606 shares of the company’s stock, valued at approximately $130,015,347.86. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Matthew Ganovsky sold 38,333 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 transaction of $395,213.23. Following the completion of the transaction, the insider directly owned 8,755,260 shares in the company, valued at approximately $90,266,730.60. The trade was a 0.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 115,000 shares of company stock valued at $1,185,650 in the last ninety days. 46.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Abacus Global Management

Large investors have recently made changes to their positions in the business. Ashford Capital Management Inc. purchased a new stake in Abacus Global Management in the 1st quarter worth about $6,815,000. Royce & Associates LP purchased a new stake in shares of Abacus Global Management in the fourth quarter worth approximately $16,992,000. Citizens Financial Group Inc. RI purchased a new stake in shares of Abacus Global Management in the fourth quarter worth approximately $889,000. Kennedy Capital Management LLC purchased a new position in Abacus Global Management during the 4th quarter valued at $5,342,000. Finally, QTR Family Wealth LLC purchased a new position in Abacus Global Management during the 4th quarter valued at $5,110,000.

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.