Abacus Global Management (NYSE:ABX) Stock Price Down 6% – Should You Sell?

Abacus Global Management, Inc. (NYSE:ABX) was down 6% during trading on Monday . The company traded as low as $8.06 and last traded at $8.2450. 188,899 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 590,170 shares. The stock had previously closed at $8.77.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ABX. Piper Sandler reduced 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. B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. Finally, Texas Capital upgraded Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Abacus Global Management currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

Abacus Global Management Trading Down 8.3%

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 business’s fifty day moving average is $9.81 and its 200-day moving average is $9.54. The stock has a market capitalization of $786.52 million, a PE ratio of 28.70 and a beta of 0.06.

Abacus Global Management declared that its Board of Directors has authorized a share buyback plan on Friday, August 14th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 12.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Abacus Global Management

In other news, major shareholder Sean Mcnealy sold 38,333 shares of the company’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 completion of the sale, the insider directly owned 12,610,606 shares in the company, valued at $130,015,347.86. This represents a 0.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO William Hugh Mccauley, Jr. sold 125,000 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $9.10, for a total value of $1,137,500.00. Following the sale, the chief financial officer directly owned 915,260 shares of the company’s stock, valued at approximately $8,328,866. This trade represents a 12.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 436,000 shares of company stock worth $4,042,070. 46.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Abacus Global Management

Several institutional investors have recently bought and sold shares of ABX. Engineers Gate Manager LP lifted its holdings in shares of Abacus Global Management by 86.0% during the 2nd quarter. Engineers Gate Manager LP now owns 56,557 shares of the company’s stock valued at $606,000 after acquiring an additional 26,157 shares in the last quarter. Squarepoint Ops LLC raised its holdings in shares of Abacus Global Management by 20.8% during the 2nd 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. Grandeur Peak Global Advisors LLC lifted its position in Abacus Global Management by 31.6% during the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock worth $2,204,000 after acquiring an additional 49,447 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Abacus Global Management during the 2nd quarter worth approximately $221,000. Finally, Hsbc Holdings PLC purchased a new position in Abacus Global Management in the 2nd quarter worth approximately $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.