Abacus Global Management (NYSE:ABX) Major Shareholder Sells $169,011.00 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Kevin Kirby sold 21,100 shares of Abacus Global Management stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $8.01, for a total value of $169,011.00. Following the sale, the insider directly owned 12,528,805 shares in the company, valued at approximately $100,355,728.05. The trade was a 0.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Kevin Scott Kirby also recently made the following trade(s):

• On Wednesday, September 23rd, Kevin Kirby sold 22,745 shares of Abacus Global Management stock. The stock was sold at an average price of $7.74, for a total value of $176,046.30.
• On Monday, September 21st, Kevin Kirby sold 36,400 shares of Abacus Global Management stock. The shares were sold at an average price of $8.13, for a total transaction of $295,932.00.
• On Friday, September 18th, Kevin Kirby sold 24,000 shares of Abacus Global Management stock. The stock was sold at an average price of $8.79, for a total value of $210,960.00.
• On Monday, August 3rd, Kevin Kirby sold 38,334 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total transaction of $395,223.54.

Abacus Global Management Stock Performance

ABX stock opened at $8.22 on Friday. The company has a market capitalization of $804.13 million, a P/E ratio of 29.37 and a beta of 0.06. The company has a 50-day simple moving average of $9.59 and a 200 day simple moving average of $9.49. Abacus Global Management, Inc. has a fifty-two week low of $5.00 and a fifty-two week high of $12.44. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67.

Abacus Global Management declared that its Board of Directors has authorized a share repurchase plan on Friday, August 14th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 12.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts 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. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a research report on Tuesday, September 8th. Piper Sandler dropped their price target on shares of Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Finally, B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Axxcess Wealth Management LLC bought a new position in Abacus Global Management in the fourth quarter worth $98,000. Susquehanna Fundamental Investments LLC bought a new stake in Abacus Global Management in the 2nd quarter valued at $221,000. World Investment Advisors bought a new stake in Abacus Global Management in the 4th quarter valued at $181,000. Oasis Management Co Ltd. acquired a new position in shares of Abacus Global Management in the 4th quarter valued at $197,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Abacus Global Management in the 2nd quarter valued at $285,000.

Key Abacus Global Management News

Here are the key news stories impacting Abacus Global Management this week:

• Positive Sentiment: Abacus completed a landmark $400 million securitization. The transaction could strengthen liquidity, expand financing capacity and support growth in the company’s longevity-based asset management platform. Abacus Global Management Completes Landmark $400 Million Securitization
• Positive Sentiment: Founders Sean McNealy, Matthew Ganovsky and Kevin “Scott” Kirby elected to terminate their pre-arranged Rule 10b5-1 trading plans while retaining substantial ownership. Ending the plans may reduce recurring selling pressure and signal continued long-term commitment. Abacus Founders Elect to Retain Substantial Ownership, Terminate 10b5-1 Trading Plans
• Neutral Sentiment: Abacus will participate in a virtual fireside chat hosted by Autonomous Research. The event could give investors additional insight into strategy and operating trends, although no new financial guidance was disclosed. Abacus Global Management to Participate in Virtual Fireside Chat Hosted by Autonomous Research
• Negative Sentiment: Major shareholders sold additional shares: McNealy sold 22,700, Kirby 22,745 and Ganovsky 22,800, for combined proceeds of approximately $528,000. The sales were made under pre-arranged plans and represented less than 0.3% of each holder’s stake, limiting their fundamental significance but adding near-term supply. Abacus Global Management Insider Trading Alert
• Negative Sentiment: The latest transactions follow more than $1.8 million of combined founder sales earlier in September. Repeated insider selling may weigh on sentiment despite the founders continuing to own large positions.

Abacus Global Management Company Profile

Abacus Global Management, Inc (NYSE: ABX) is an alternative asset management company focused on longevity-related assets, including life insurance policies. Through its platform, the company acquires life insurance policies from policyholders, provides liquidity to policy sellers, and manages portfolios of policies through maturity or other disposition.

The company’s activities include life settlement origination, policy servicing, portfolio management and investment management. Its business is designed to provide institutional and other investors with access to the life settlement market, in which investment returns are linked in part to policy values and the longevity of insured individuals.

Abacus Global Management traces its operating roots to Abacus Life, a life settlement provider established in 2004.