Matthew Ganovsky Sells 21,312 Shares of Abacus Global Management (NYSE:ABX) Stock

Key Points

• Major shareholder Matthew Ganovsky sold 21,312 ABX shares at an average price of $8.01, generating approximately $170,709. Following the transaction, he retained 8.67 million shares, and the sale was executed under a pre-arranged Rule 10b5-1 plan.
• Abacus Global Management shares traded near $8.04, well below the 50-day and 200-day moving averages of $9.69 and $9.52, respectively. The company has also authorized a $100 million share buyback, covering up to 12.2% of outstanding shares.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and a $12.00 price target, despite recent insider selling by three major shareholders totaling about $1.81 million.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Matthew Ganovsky sold 21,312 shares of the company's stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $8.01, for a total value of $170,709.12. Following the sale, the insider directly owned 8,673,948 shares of the company's stock, valued at approximately $69,478,323.48. This represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 at least 10% of a company's stock are required to disclose their transactions with the SEC.

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

• On Monday, September 21st, Matthew Ganovsky sold 36,000 shares of Abacus Global Management stock. The stock was sold at an average price of $8.13, for a total transaction of $292,680.00.
• On Friday, September 18th, Matthew Ganovsky sold 24,000 shares of Abacus Global Management stock. The shares were 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 stock was 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 hours 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 company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market cap of $785.74 million, a P/E ratio of 28.70 and a beta of 0.06. Abacus Global Management, Inc. has a one year low of $5.00 and a one year high of $12.44. The company's 50 day simple moving average is $9.69 and its 200 day simple moving average is $9.52.

Abacus Global Management declared that its board has approved a stock buyback program on Friday, August 14th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 12.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Institutional Trading of Abacus Global Management

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ashford Capital Management Inc. bought a new position in shares of Abacus Global Management in the first quarter valued at $6,815,000. Royce & Associates LP acquired a new position in shares of Abacus Global Management during the 4th quarter worth approximately $16,992,000. Kennedy Capital Management LLC bought a new position in shares of Abacus Global Management in the fourth quarter valued at about $5,342,000. QTR Family Wealth LLC bought a new stake in shares of Abacus Global Management in the fourth quarter valued at about $5,110,000. Finally, Sei Investments Co. grew its position in shares of Abacus Global Management by 39.6% during the 1st quarter. Sei Investments Co. now owns 204,620 shares of the company's stock worth $1,612,000 after purchasing an additional 57,993 shares in the last quarter.

Analysts Set New Price Targets

A number of research firms have weighed in on ABX. B. Riley Financial reiterated a "buy" rating on shares of Abacus Global Management in a research note on Friday, August 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Abacus Global Management in a report on Tuesday, September 8th. Texas Capital raised Abacus Global Management to a "strong-buy" rating in a report on Tuesday, June 9th. Finally, Piper Sandler lowered their price objective 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. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $12.00.

Key Stories 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

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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