Abacus Global Management (NYSE:ABX) Major Shareholder Sells $292,680.00 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Matthew Ganovsky sold 36,000 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $8.13, for a total value of $292,680.00. Following the sale, the insider directly owned 8,695,260 shares in the company, valued at $70,692,463.80. This trade represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases 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 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 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 shares were sold at an average price of $10.31, for a total transaction of $395,213.23.

Abacus Global Management Trading Up 5.2%

ABX opened at $8.22 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70. The stock’s 50 day moving average price is $9.59 and its 200-day moving average price is $9.49. Abacus Global Management, Inc. has a one year low of $5.00 and a one year high of $12.44. The stock has a market cap of $804.13 million, a price-to-earnings ratio of 29.37 and a beta of 0.06.

Abacus Global Management announced that its Board of Directors has authorized a stock buyback program on Friday, August 14th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 12.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Key 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ABX shares. Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. Piper Sandler dropped their target price on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $12.00.

Institutional Trading of Abacus Global Management

Institutional investors have recently bought and sold shares of the stock. Axxcess Wealth Management LLC purchased a new stake in shares of Abacus Global Management during the fourth quarter valued at $98,000. Susquehanna Fundamental Investments LLC purchased a new position in Abacus Global Management in the 2nd quarter worth $221,000. World Investment Advisors purchased a new position in Abacus Global Management in the 4th quarter worth $181,000. Oasis Management Co Ltd. acquired a new stake in Abacus Global Management during the 4th quarter worth about $197,000. Finally, Hsbc Holdings PLC purchased a new stake in Abacus Global Management during the 2nd quarter valued at about $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.