Insider Selling: Abacus Global Management (NYSE:ABX) Major Shareholder Sells $210,960.00 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Matthew Ganovsky sold 24,000 shares of the stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $8.79, for a total transaction of $210,960.00. Following the transaction, the insider owned 8,731,260 shares of the company’s stock, valued at $76,747,775.40. This represents a 0.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own more than 10% of a company’s stock 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 shares were sold at an average price of $7.74, for a total transaction of $176,472.00.
• On Tuesday, September 22nd, Matthew Ganovsky sold 21,312 shares of Abacus Global Management stock. The shares were 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 stock was sold at an average price of $8.13, for a total transaction of $292,680.00.
• 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 Stock Up 5.2%

Shares of NYSE ABX opened at $8.22 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67. The company 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 business has a 50-day simple moving average of $9.59 and a two-hundred day simple moving average of $9.49.

Abacus Global Management declared that its board has authorized a stock buyback program on Friday, August 14th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 12.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Abacus Global Management

Several large investors have recently added to or reduced their stakes in ABX. Royce & Associates LP bought a new position in Abacus Global Management in the 4th quarter worth $16,992,000. Alta Fundamental Advisers LLC purchased a new stake in shares of Abacus Global Management in the 4th quarter worth about $9,385,000. Ashford Capital Management Inc. bought a new stake in shares of Abacus Global Management during the 1st quarter valued at about $6,815,000. QTR Family Wealth LLC bought a new stake in shares of Abacus Global Management during the 4th quarter valued at about $5,110,000. Finally, Kennedy Capital Management LLC purchased a new position in shares of Abacus Global Management during the fourth quarter valued at about $5,342,000.

Key Stories Impacting Abacus Global Management

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.

Analyst Upgrades and Downgrades

ABX has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. Texas Capital upgraded Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. Piper Sandler reduced their price objective 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 reissued a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. One 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

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.