Abacus Global Management, Inc. (NYSE:ABX – Get Free Report) major shareholder Matthew Ganovsky sold 22,800 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total value of $176,472.00. Following the completion of the sale, the insider owned 8,651,148 shares in the company, valued at $66,959,885.52. The trade was a 0.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company’s shares 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 transaction of $170,709.12.
- On Monday, September 21st, Matthew Ganovsky sold 36,000 shares of Abacus Global Management stock. The shares were sold at an average price of $8.13, for a total transaction of $292,680.00.
- On Friday, September 18th, Matthew Ganovsky sold 24,000 shares of Abacus Global Management stock. The shares were sold at an average price of $8.79, for a total transaction of $210,960.00.
- On Monday, August 3rd, Matthew Ganovsky sold 38,333 shares of Abacus Global Management stock. The stock was sold at an average price of $10.31, for a total transaction of $395,213.23.
Abacus Global Management Stock Down 2.9%
ABX traded down $0.23 during trading hours on Wednesday, hitting $7.79. 1,117,314 shares of the company’s stock were exchanged, compared to its average volume of 601,294. Abacus Global Management, Inc. has a 1-year low of $5.00 and a 1-year high of $12.44. The stock’s 50-day moving average is $9.69 and its two-hundred day moving average is $9.52. The stock has a market cap of $761.31 million, a price-to-earnings ratio of 27.80 and a beta of 0.06. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the company. Texas Capital upgraded Abacus Global Management to a “strong-buy” rating in a 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. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a research report on Tuesday, September 8th. Finally, Piper Sandler lowered their price objective 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. One 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.00.
Read Our Latest Stock Analysis on ABX
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Royce & Associates LP bought a new stake in Abacus Global Management in the 4th quarter valued at $16,992,000. Alta Fundamental Advisers LLC bought a new position in Abacus Global Management during the fourth quarter worth $9,385,000. Ashford Capital Management Inc. bought a new position in Abacus Global Management during the first quarter worth $6,815,000. Kennedy Capital Management LLC acquired a new position in shares of Abacus Global Management in the fourth quarter valued at $5,342,000. Finally, QTR Family Wealth LLC acquired a new position in shares of Abacus Global Management in the fourth quarter valued at $5,110,000.
More Abacus Global Management News
Here are the key news stories impacting Abacus Global Management this week:
- Positive Sentiment: Abacus Global Management completed a $400 million securitization, a significant capital-markets transaction that could strengthen funding capacity and support the company’s life-settlement asset acquisition and portfolio-growth strategy. The deal is the most important new potential catalyst for ABX in the provided news. Abacus Global Management Completes Landmark $400 Million Securitization
- Positive Sentiment: The company’s previously announced $100 million share-repurchase authorization, covering up to approximately 12.2% of outstanding shares, may provide support for the stock if management views the shares as undervalued. This could help offset some insider-selling pressure.
- Neutral Sentiment: Several large shareholders sold shares under pre-arranged Rule 10b5-1 trading plans, which reduces the likelihood that the transactions represent a newly formed negative view of the business. However, the repeated sales may still weigh on investor sentiment.
- Negative Sentiment: Major shareholders collectively sold approximately 219,766 shares worth about $1.81 million across September 18–22. Matthew Ganovsky sold 81,312 shares, Kevin Scott Kirby sold 81,500 shares, and Sean McNealy sold 56,954 shares. Each retained a substantial ownership position, so the sales represent relatively small percentage reductions, but the cluster of transactions creates a near-term overhang. SEC filing for Matthew Ganovsky transactions SEC filing for Kevin Scott Kirby transactions SEC filing for Sean McNealy transactions
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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