Abacus Global Management (NYSE:ABX) Major Shareholder Sean Mcnealy Sells 38,333 Shares of Stock

Key Points

• Major shareholder Sean Mcnealy sold 38,333 ABX shares for approximately $395,213 at an average price of $10.31, reducing his position by 0.30% to 12.61 million shares.
• Abacus Global Management shares fell 3.0% to $10.54, with a market capitalization of approximately $1.01 billion and a price-to-earnings ratio of 27.02.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $13.00 target price, while several institutional investors recently initiated positions.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Sean Mcnealy sold 38,333 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $10.31, for a total value of $395,213.23. Following the completion of the transaction, the insider owned 12,610,606 shares in the company, valued at $130,015,347.86. This trade represents a 0.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Abacus Global Management Trading Down 3.0%

ABX stock traded down $0.32 during mid-day trading on Wednesday, hitting $10.54. The stock had a trading volume of 457,798 shares, compared to its average volume of 604,528. Abacus Global Management, Inc. has a 1-year low of $5.00 and a 1-year high of $12.44. The business's fifty day moving average price is $10.15. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.79. The stock has a market cap of $1.01 billion, a PE ratio of 27.02 and a beta of 0.07.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new position in shares of Abacus Global Management in the 4th quarter valued at approximately $30,000. New York State Common Retirement Fund bought a new stake in Abacus Global Management during the fourth quarter worth approximately $75,000. Police & Firemen s Retirement System of New Jersey acquired a new position in Abacus Global Management during the fourth quarter valued at approximately $83,000. Summit Wealth & Retirement Planning Inc. acquired a new position in Abacus Global Management during the fourth quarter valued at approximately $86,000. Finally, Intech Investment Management LLC acquired a new position in Abacus Global Management during the fourth quarter valued at approximately $96,000.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ABX shares. Piper Sandler raised their price objective on shares of Abacus Global Management from $10.00 to $13.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Wall Street Zen lowered shares of Abacus Global Management from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, Texas Capital upgraded shares of Abacus Global Management to a "strong-buy" rating in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.

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.

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