Kevin Scott Kirby Sells 36,400 Shares of Abacus Global Management (NYSE:ABX) Stock

Key Points

• Major shareholder Kevin Scott Kirby sold 36,400 ABX shares at an average price of $8.13, generating approximately $295,932. The transaction was conducted under a pre-arranged Rule 10b5-1 plan and reduced his stake by 0.29%.
• Abacus Global Management shares fell 0.2% to $8.04, well below their 50-day and 200-day moving averages. The company has authorized a $100 million share buyback, allowing repurchases of up to 12.2% of outstanding shares.
• Several major shareholders have recently sold stock, with combined sales totaling about 219,766 shares worth $1.81 million. Analysts remain moderately positive, assigning the stock a consensus “Moderate Buy” rating and a $12.00 target price.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Kevin Kirby sold 36,400 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $8.13, for a total transaction of $295,932.00. Following the sale, the insider directly owned 12,549,905 shares of the company's stock, valued at $102,030,727.65. This represents a 0.29% decrease in their position. The sale was disclosed in a filing 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 10% or more of a company's shares are required to disclose their transactions with the SEC.

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

• On Tuesday, September 22nd, Kevin Kirby sold 21,100 shares of Abacus Global Management stock. The stock was sold at an average price of $8.01, for a total transaction of $169,011.00.
• 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 value of $210,960.00.
• On Monday, August 3rd, Kevin Kirby sold 38,334 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total value of $395,223.54.

Abacus Global Management Stock Down 0.2%

Shares of Abacus Global Management stock traded down $0.01 during trading on Tuesday, reaching $8.04. The stock had a trading volume of 821,523 shares, compared to its average volume of 476,388. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $785.74 million, a price-to-earnings ratio of 8.85 and a beta of 0.06. The stock has a fifty day moving average price of $9.69 and a two-hundred day moving average price of $9.52. Abacus Global Management, Inc. has a 52 week low of $5.00 and a 52 week high of $12.44.

Abacus Global Management announced that its Board of Directors has initiated a share buyback plan on Friday, August 14th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 12.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Key Headlines Impacting Abacus Global Management

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

A number of equities analysts have weighed in on the company. Texas Capital raised Abacus Global Management to a "strong-buy" rating in a research report on Tuesday, June 9th. B. Riley Financial reissued a "buy" rating on shares of Abacus Global Management in a research report on Friday, August 7th. Piper Sandler decreased their target price on shares of Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. One investment 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 stock. According to MarketBeat, Abacus Global Management has an average rating of "Moderate Buy" and a consensus target price of $12.00.

Institutional Trading of Abacus Global Management

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

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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