Abacus Global Management (NYSE:ABX) Major Shareholder Matthew Ganovsky Sells 21,312 Shares of Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Matthew Ganovsky sold 21,312 shares of the business’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 completion of the transaction, the insider directly owned 8,673,948 shares in the company, valued at approximately $69,478,323.48. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 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 Monday, September 21st, Matthew Ganovsky sold 36,000 shares of Abacus Global Management stock. The shares were sold at an average price of $8.13, for a total value 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 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 value of $395,213.23.

Abacus Global Management Trading Down 0.2%

Abacus Global Management stock traded down $0.01 during mid-day trading on Tuesday, hitting $8.04. The company’s stock had a trading volume of 821,523 shares, compared to its average volume of 476,388. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70. Abacus Global Management, Inc. has a 12 month low of $5.00 and a 12 month high of $12.44. The business has a 50 day moving average price of $9.69 and a 200-day moving average price of $9.52. The stock has a market cap of $785.74 million, a price-to-earnings ratio of 28.70 and a beta of 0.06.

Abacus Global Management declared that its board has initiated a stock repurchase plan on Friday, August 14th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 12.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Key Abacus Global Management News

Here are the key news stories impacting Abacus Global Management this week:

• Neutral Sentiment: A head-to-head comparison of Abacus Global Management and OLB Group was published, but the available information does not identify a specific new catalyst for ABX. Head to Head Contrast: Abacus Global Management vs. OLB Group
• Negative Sentiment: Major shareholder Matthew Ganovsky sold 81,312 shares across September 18, 21 and 22 for approximately $674,349. He still owned about 8.67 million shares after the transactions. The sales represented relatively small reductions in his position and were conducted under a 10b5b1 plan. SEC filing for Matthew Ganovsky transactions
• Negative Sentiment: Major shareholder Kevin Scott Kirby sold 81,500 shares over the same period for approximately $675,903. He retained roughly 12.53 million shares, making the sales a limited reduction in his overall stake. SEC filing for Kevin Scott Kirby transactions
• Negative Sentiment: Major shareholder Sean McNealy sold 56,954 shares on September 21 and 22 for approximately $460,504, while continuing to own about 12.53 million shares. Across all three shareholders, sales totaled approximately 219,766 shares worth $1.81 million. SEC filing for Sean McNealy transactions

Analysts Set New Price Targets

ABX has been the subject of several research analyst reports. Piper Sandler cut 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 note on Friday, August 7th. B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. One 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Institutional Inflows and Outflows

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

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.