Abacus Global Management (NYSE:ABX) Major Shareholder Sells 38,333 Shares

Key Points

• Major shareholder Matthew Ganovsky sold 38,333 ABX shares for approximately $395,213 at an average price of $10.31, reducing his ownership by 0.44% to 8.76 million shares.
• Abacus Global Management shares traded at $10.54, giving the company a market capitalization of about $1.01 billion; the stock has ranged from $5.00 to $12.44 over the past year.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $13.00, while several institutional investors recently initiated positions.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Matthew Ganovsky sold 38,333 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,213.23. Following the transaction, the insider directly owned 8,755,260 shares of the company's stock, valued at $90,266,730.60. The trade was a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Abacus Global Management Stock Performance

ABX stock traded down $0.32 during mid-day trading on Wednesday, reaching $10.54. The company had a trading volume of 457,798 shares, compared to its average volume of 604,528. The company has a fifty day moving average of $10.15. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.91 and a quick ratio of 1.91. The company has a market cap of $1.01 billion, a P/E ratio of 27.02 and a beta of 0.07. Abacus Global Management, Inc. has a fifty-two week low of $5.00 and a fifty-two week high of $12.44.

Analyst Ratings Changes

A number of equities research analysts have commented on ABX shares. Wall Street Zen downgraded shares of Abacus Global Management from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Piper Sandler boosted their target price on shares of Abacus Global Management from $10.00 to $13.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. Finally, Texas Capital raised 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $13.00.

Institutional Investors Weigh In On Abacus Global Management

Several institutional investors have recently added to or reduced their stakes in the business. Citizens Financial Group Inc. RI purchased a new position in Abacus Global Management in the fourth quarter valued at approximately $889,000. Summit Wealth & Retirement Planning Inc. purchased a new stake in shares of Abacus Global Management during the 4th quarter worth approximately $86,000. Pacific Ridge Capital Partners LLC purchased a new stake in shares of Abacus Global Management during the 4th quarter worth approximately $962,000. World Investment Advisors acquired a new position in shares of Abacus Global Management in the 4th quarter valued at $181,000. Finally, Axxcess Wealth Management LLC acquired a new position in shares of Abacus Global Management in the 4th quarter valued at $98,000.

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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