Abacus Global Management (NYSE:ABX) Major Shareholder Matthew Ganovsky Sells 36,000 Shares of Stock

Key Points

• Major shareholder Matthew Ganovsky sold 36,000 ABX shares for approximately $292,680 at an average price of $8.13 under a pre-arranged Rule 10b5-1 plan. He retained about 8.70 million shares, so the sale reduced his stake by just 0.41%.
• Ganovsky and two other major shareholders sold a combined 219,766 shares worth roughly $1.81 million during the period, though each retained substantial positions.
• ABX shares traded around $8.04, below their 50-day and 200-day moving averages, while the company has authorized a $100 million stock buyback covering up to 12.2% of outstanding shares. Analysts maintain a “Moderate Buy” consensus with a $12 average price target.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Matthew Ganovsky sold 36,000 shares of the company's stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $8.13, for a total value of $292,680.00. Following the completion of the transaction, the insider directly owned 8,695,260 shares in the company, valued at approximately $70,692,463.80. The trade was a 0.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Matthew Ganovsky also recently made the following trade(s):

• On Tuesday, September 22nd, Matthew Ganovsky sold 21,312 shares of Abacus Global Management stock. The shares were sold at an average price of $8.01, for a total transaction of $170,709.12.
• 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 value 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 transaction of $395,213.23.

Abacus Global Management Stock Performance

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

Abacus Global Management announced that its board has authorized a stock buyback plan on Friday, August 14th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 12.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Abacus Global Management News Roundup

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

Analyst Upgrades and Downgrades

ABX has been the topic of a number of analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Abacus Global Management in a research report on Tuesday, September 8th. Piper Sandler cut their target price on shares of Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Friday, August 7th. Texas Capital upgraded Abacus Global Management to a "strong-buy" rating in a report on Tuesday, June 9th. Finally, B. Riley Financial reissued a "buy" rating on shares of Abacus Global Management in a report on Friday, August 7th. One investment 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 stock. 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

A number of large investors have recently added to or reduced their stakes in ABX. Royce & Associates LP bought a new position in shares of Abacus Global Management during the fourth quarter worth about $16,992,000. Alta Fundamental Advisers LLC bought a new stake in shares of Abacus Global Management in the 4th quarter worth $9,385,000. Ashford Capital Management Inc. bought a new position in Abacus Global Management in the 1st quarter valued at $6,815,000. Kennedy Capital Management LLC purchased a new stake in Abacus Global Management in the fourth quarter worth $5,342,000. Finally, QTR Family Wealth LLC bought a new stake in Abacus Global Management during the 4th quarter valued at $5,110,000.

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.

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