Insider Selling: Abacus Global Management (NYSE:ABX) Major Shareholder Sells 21,100 Shares

Key Points

• Major shareholder Kevin Kirby sold 21,100 ABX shares at an average price of $8.01, generating $169,011. The transaction reduced his stake by just 0.17%, leaving him with approximately 12.53 million shares, and was conducted under a Rule 10b5-1 plan.
• Kirby and other major shareholders have recently sold shares totaling about 219,766 shares worth $1.81 million, though each retained substantial positions in the company.
• ABX traded near $8.04, below its 50-day and 200-day moving averages, while the company authorized a $100 million share repurchase program. Analysts maintain a “Moderate Buy” consensus with an average price target of $12.00.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Kevin Kirby sold 21,100 shares of Abacus Global Management stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $8.01, for a total transaction of $169,011.00. Following the completion of the transaction, the insider owned 12,528,805 shares in the company, valued at approximately $100,355,728.05. The trade was a 0.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 transactions with the SEC.

Kevin Scott Kirby also recently made the following trade(s):

• On Monday, September 21st, Kevin Kirby sold 36,400 shares of Abacus Global Management stock. The shares were sold at an average price of $8.13, for a total value of $295,932.00.
• On Friday, September 18th, Kevin Kirby 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, Kevin Kirby sold 38,334 shares of Abacus Global Management stock. The stock was sold at an average price of $10.31, for a total transaction of $395,223.54.

Abacus Global Management Stock Performance

NYSE ABX traded down $0.01 on Tuesday, hitting $8.04. 821,523 shares of the company traded hands, compared to its average volume of 476,388. The company has a market capitalization of $785.74 million, a price-to-earnings ratio of 28.70 and a beta of 0.06. Abacus Global Management, Inc. has a 52-week low of $5.00 and a 52-week high of $12.44. The business's 50 day moving average price is $9.69 and its 200-day moving average price is $9.52. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67.

Abacus Global Management declared that its Board of Directors has approved a stock buyback plan on Friday, August 14th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 12.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

ABX has been the subject of several research analyst reports. 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 note on Tuesday, June 9th. Piper Sandler lowered their price target on shares of Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Friday, August 7th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Abacus Global Management in a report on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $12.00.

Hedge Funds Weigh In On Abacus Global Management

Several hedge funds have recently added to or reduced their stakes in ABX. Engineers Gate Manager LP lifted its stake in shares of Abacus Global Management by 86.0% during the second quarter. Engineers Gate Manager LP now owns 56,557 shares of the company's stock valued at $606,000 after buying an additional 26,157 shares during the period. Squarepoint Ops LLC increased its position in shares of Abacus Global Management by 20.8% in the second quarter. Squarepoint Ops LLC now owns 55,551 shares of the company's stock worth $595,000 after acquiring an additional 9,580 shares in the last quarter. Grandeur Peak Global Advisors LLC raised its position in Abacus Global Management by 31.6% in the second quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company's stock valued at $2,204,000 after purchasing an additional 49,447 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Abacus Global Management in the 2nd quarter worth approximately $221,000. Finally, Hsbc Holdings PLC acquired a new stake in Abacus Global Management during the 2nd quarter valued at $285,000.

More 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

About Abacus Global Management

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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