Abacus Global Management (NYSE:ABX) Major Shareholder Matthew Ganovsky Sells 38,333 Shares of Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Matthew Ganovsky sold 38,333 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $10.31, for a total transaction of $395,213.23. Following the transaction, the insider owned 8,755,260 shares in the company, valued at approximately $90,266,730.60. The trade was a 0.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Abacus Global Management Stock Performance

NYSE ABX opened at $10.54 on Thursday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.79. The stock has a market cap of $1.01 billion, a P/E ratio of 27.02 and a beta of 0.07. The firm’s 50-day simple moving average is $10.15. Abacus Global Management, Inc. has a one year low of $5.00 and a one year high of $12.44.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ABX. Ashford Capital Management Inc. purchased a new stake in Abacus Global Management during the first quarter valued at approximately $6,815,000. Royce & Associates LP acquired a new position in shares of Abacus Global Management during the fourth quarter worth $16,992,000. Citizens Financial Group Inc. RI purchased a new stake in shares of Abacus Global Management during the 4th quarter valued at $889,000. Kennedy Capital Management LLC purchased a new stake in shares of Abacus Global Management during the 4th quarter valued at $5,342,000. Finally, QTR Family Wealth LLC acquired a new stake in shares of Abacus Global Management in the 4th quarter worth $5,110,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a report on Thursday, June 11th. Piper Sandler increased their target price on Abacus Global Management from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Wall Street Zen downgraded Abacus Global Management from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Texas Capital raised Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $13.00.

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.