Abacus Global Management (NYSE:ABX) Shares Gap Down – Should You Sell?

Shares of Abacus Global Management, Inc. (NYSE:ABX) gapped down prior to trading on Friday . The stock had previously closed at $10.40, but opened at $9.89. Abacus Global Management shares last traded at $9.9230, with a volume of 87,260 shares trading hands.

Wall Street Analyst Weigh In

ABX has been the subject of several analyst reports. Texas Capital upgraded Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a research note on Thursday, June 11th. Piper Sandler upped their price objective on shares of Abacus Global Management from $10.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a research note on Friday. Finally, Wall Street Zen downgraded shares of Abacus Global Management from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $13.00.

Abacus Global Management Trading Down 6.1%

The firm has a market capitalization of $936.56 million, a price-to-earnings ratio of 24.82 and a beta of 0.07. The firm has a 50 day moving average of $10.18. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.91 and a quick ratio of 1.91.

Insider Buying and Selling

In other Abacus Global Management news, major shareholder Kevin Scott Kirby sold 38,334 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,223.54. Following the completion of the sale, the insider owned 12,610,305 shares of the company’s stock, valued at approximately $130,012,244.55. This trade represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sean Mcnealy sold 38,333 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total transaction of $395,213.23. Following the sale, the insider owned 12,610,606 shares in the company, valued at $130,015,347.86. The trade was a 0.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 115,000 shares of company stock valued at $1,185,650 over the last quarter. Company insiders own 46.40% of the company’s stock.

Hedge Funds Weigh In On Abacus Global Management

A number of large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. purchased a new position in Abacus Global Management in the fourth quarter valued at about $30,000. Bank of New York Mellon Corp lifted its position in shares of Abacus Global Management by 5.1% during 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 acquiring an additional 7,444 shares during the period. New York State Common Retirement Fund purchased a new stake in shares of Abacus Global Management during the 4th quarter worth approximately $75,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Abacus Global Management during the 4th quarter worth approximately $83,000. Finally, Summit Wealth & Retirement Planning Inc. acquired a new stake in shares of Abacus Global Management in the 4th quarter worth approximately $86,000.

Abacus Global Management Company Profile

Abacus Life, Inc operates as an alternative asset manager specializing in life insurance products. It purchases life insurance policies from consumers seeking liquidity and manages policies over time via trading, holding, and/or servicing. The company was founded in 2004 and is based in Orlando, Florida.