Abacus Global Management (NYSE:ABX) Major Shareholder Sells $210,960.00 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Matthew Ganovsky sold 24,000 shares of the stock in a transaction on Friday, September 18th. The stock was sold at an average price of $8.79, for a total value of $210,960.00. Following the transaction, the insider owned 8,731,260 shares of the company’s stock, valued at approximately $76,747,775.40. This represents a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Matthew Ganovsky also recently made the following trade(s):

• On Tuesday, September 22nd, Matthew Ganovsky sold 21,312 shares of Abacus Global Management stock. The stock was sold at an average price of $8.01, for a total value of $170,709.12.
• On Monday, September 21st, Matthew Ganovsky sold 36,000 shares of Abacus Global Management stock. The stock was sold at an average price of $8.13, for a total value of $292,680.00.
• On Monday, August 3rd, Matthew Ganovsky sold 38,333 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total transaction of $395,213.23.

Abacus Global Management Price Performance

Abacus Global Management stock traded down $0.01 during trading hours on Tuesday, hitting $8.04. 821,523 shares of the company traded hands, compared to its average volume of 476,388. Abacus Global Management, Inc. has a 1-year low of $5.00 and a 1-year 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. The firm has a market cap of $785.74 million, a P/E ratio of 28.70 and a beta of 0.06. The firm’s 50-day simple moving average is $9.69 and its two-hundred day simple moving average is $9.52.

Abacus Global Management declared that its board has initiated a share buyback program on Friday, August 14th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 12.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ABX shares. Piper Sandler decreased their target price on shares of Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a research report on Tuesday, September 8th. Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Abacus Global Management presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

Key Headlines Impacting Abacus Global Management

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

• Neutral Sentiment: A head-to-head comparison of Abacus Global Management and OLB Group was published, but the available information does not identify a specific new catalyst for ABX. Head to Head Contrast: Abacus Global Management vs. OLB Group
• Negative Sentiment: Major shareholder Matthew Ganovsky sold 81,312 shares across September 18, 21 and 22 for approximately $674,349. He still owned about 8.67 million shares after the transactions. The sales represented relatively small reductions in his position and were conducted under a 10b5b1 plan. SEC filing for Matthew Ganovsky transactions
• Negative Sentiment: Major shareholder Kevin Scott Kirby sold 81,500 shares over the same period for approximately $675,903. He retained roughly 12.53 million shares, making the sales a limited reduction in his overall stake. SEC filing for Kevin Scott Kirby transactions
• Negative Sentiment: Major shareholder Sean McNealy sold 56,954 shares on September 21 and 22 for approximately $460,504, while continuing to own about 12.53 million shares. Across all three shareholders, sales totaled approximately 219,766 shares worth $1.81 million. SEC filing for Sean McNealy transactions

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.