Abacus Global Management (NYSE:ABX) Shares Gap Down - Time to Sell?

Key Points

• ABX shares fell 6.1%, opening at $9.89 versus a prior close of $10.40, with the latest trading price near $9.92.
• Analyst sentiment remains generally positive but mixed: the stock has a “Moderate Buy” consensus rating and a $13.00 average price target, despite several “Hold” ratings.
• Company insiders sold 115,000 shares worth approximately $1.19 million over the past 90 days, while insiders retain a 46.4% ownership stake.

Shares of Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $10.40, but opened at $9.89. Abacus Global Management shares last traded at $9.9230, with a volume of 87,260 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ABX. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Texas Capital upgraded shares of Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. Piper Sandler boosted their price target on shares of Abacus Global Management from $10.00 to $13.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. B. Riley Financial reissued a "buy" rating on shares of Abacus Global Management in a research report on Friday. Finally, Wall Street Zen cut shares of Abacus Global Management from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $13.00.

Abacus Global Management Trading Down 6.1%

The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.79. The firm's fifty day simple moving average is $10.18. The company has a market cap of $936.56 million, a price-to-earnings ratio of 24.82 and a beta of 0.07.

Insider Buying and Selling at Abacus Global Management

In related news, major shareholder Kevin Scott Kirby sold 38,334 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,223.54. Following the completion of the sale, the insider directly owned 12,610,305 shares of the company's stock, valued at $130,012,244.55. This represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Matthew Ganovsky sold 38,333 shares of the firm's stock in a transaction that occurred 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 owned 8,755,260 shares in the company, valued at $90,266,730.60. This represents a 0.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 115,000 shares of company stock worth $1,185,650 over the last 90 days. Corporate insiders own 46.40% of the company's stock.

Hedge Funds Weigh In On Abacus Global Management

A number of hedge funds have recently modified their holdings of ABX. Alyeska Investment Group L.P. purchased a new position in Abacus Global Management during the 4th quarter worth $17,554,000. Mendon Capital Advisors Corp acquired a new stake in shares of Abacus Global Management during the fourth quarter worth about $17,207,000. Royce & Associates LP purchased a new position in shares of Abacus Global Management during the fourth quarter worth about $16,992,000. Goldman Sachs Group Inc. purchased a new position in shares of Abacus Global Management during the fourth quarter worth about $10,409,000. Finally, Alta Fundamental Advisers LLC acquired a new position in Abacus Global Management in the 4th quarter valued at about $9,385,000.

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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