Abacus Global Management, Inc. (NYSE:ABX – Get Free Report) major shareholder Sean Mcnealy 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 completion of the transaction, the insider directly owned 12,586,606 shares of the company’s stock, valued at approximately $110,636,266.74. The trade was a 0.19% decrease in their position. The transaction was disclosed in a 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 more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Sean Mcnealy also recently made the following trade(s):
- On Tuesday, September 22nd, Sean Mcnealy sold 21,100 shares of Abacus Global Management stock. The shares were sold at an average price of $8.01, for a total transaction of $169,011.00.
- On Monday, September 21st, Sean Mcnealy sold 35,854 shares of Abacus Global Management stock. The stock was sold at an average price of $8.13, for a total transaction of $291,493.02.
- On Monday, August 3rd, Sean Mcnealy 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
ABX traded down $0.01 on Tuesday, reaching $8.04. The company had a trading volume of 821,523 shares, compared to its average volume of 476,388. The company has a market capitalization of $785.74 million, a P/E ratio of 28.70 and a beta of 0.06. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. The company has a fifty day moving average of $9.69 and a 200-day moving average of $9.52. Abacus Global Management, Inc. has a one year low of $5.00 and a one year high of $12.44.
Analyst Upgrades and Downgrades
Several brokerages recently commented on ABX. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. Texas Capital upgraded Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. Finally, Piper Sandler cut their price objective on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.00.
Read Our Latest Report on Abacus Global Management
Key Abacus Global Management News
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
Institutional Trading of Abacus Global Management
A number of large investors have recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC acquired a new position in Abacus Global Management in the fourth quarter worth approximately $98,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Abacus Global Management in the second quarter valued at $221,000. World Investment Advisors acquired a new stake in shares of Abacus Global Management during the 4th quarter valued at $181,000. Oasis Management Co Ltd. acquired a new stake in shares of Abacus Global Management during the 4th quarter valued at $197,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Abacus Global Management during the 2nd quarter worth $285,000.
About Abacus Global Management
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.
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