Abacus Global Management, Inc. (NYSE:ABX – Get Free Report) major shareholder Matthew Ganovsky sold 21,312 shares of the firm’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $8.01, for a total value of $170,709.12. Following the transaction, the insider directly owned 8,673,948 shares of the company’s stock, valued at approximately $69,478,323.48. This trade represents a 0.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Matthew Ganovsky also recently made the following trade(s):
- On Wednesday, September 23rd, Matthew Ganovsky sold 22,800 shares of Abacus Global Management stock. The stock was sold at an average price of $7.74, for a total value of $176,472.00.
- 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 transaction of $292,680.00.
- On Friday, September 18th, Matthew Ganovsky 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, 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 value of $395,213.23.
Abacus Global Management Price Performance
Shares of NYSE ABX opened at $8.22 on Friday. The business’s 50 day moving average price is $9.59 and its 200 day moving average price is $9.49. The firm has a market cap of $804.13 million, a P/E ratio of 29.37 and a beta of 0.06. Abacus Global Management, Inc. has a 52 week low of $5.00 and a 52 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.
Analysts Set New Price Targets
A number of research firms have recently weighed in on ABX. Weiss Ratings reiterated a “hold (c)” rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. 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. B. Riley Financial reaffirmed a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. Finally, Texas Capital raised Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. 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, the company has an average rating of “Moderate Buy” and a consensus target price of $12.00.
Get Our Latest Analysis on Abacus Global Management
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of ABX. Bank of New York Mellon Corp lifted its stake in shares of Abacus Global Management by 5.1% in the 1st quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company’s stock valued at $1,199,000 after purchasing an additional 7,444 shares during the period. Squarepoint Ops LLC grew its position in Abacus Global Management by 20.8% during the second quarter. Squarepoint Ops LLC now owns 55,551 shares of the company’s stock valued at $595,000 after buying an additional 9,580 shares during the period. Axxcess Wealth Management LLC purchased a new position in Abacus Global Management in the fourth quarter valued at $98,000. World Investment Advisors increased its holdings in Abacus Global Management by 89.7% in the first quarter. World Investment Advisors now owns 40,137 shares of the company’s stock valued at $316,000 after buying an additional 18,975 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Abacus Global Management in the second quarter valued at $221,000.
More 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.
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