Insider Selling: Abacus Global Management (NYSE:ABX) Major Shareholder Sells 38,334 Shares

Key Points

• Major shareholder Kevin Scott Kirby sold 38,334 ABX shares at an average price of $10.31, totaling approximately $395,224. He retained 12.61 million shares worth about $130.0 million, reducing his position by 0.30%.
• Abacus Global Management shares recently traded at $10.54, with a market capitalization of approximately $1.01 billion and a 52-week range of $5.00 to $12.44.
• Analyst sentiment remains generally positive: MarketBeat reports a “Moderate Buy” consensus rating and a $13.00 target price, while institutional investors have recently initiated small positions.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Kevin Scott Kirby sold 38,334 shares of Abacus Global Management stock in a transaction on 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 approximately $130,012,244.55. The trade was a 0.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Abacus Global Management Stock Performance

Shares of ABX stock traded down $0.32 during mid-day trading on Wednesday, hitting $10.54. The company's stock had a trading volume of 457,798 shares, compared to its average volume of 604,528. The firm has a market capitalization of $1.01 billion, a PE ratio of 27.02 and a beta of 0.07. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.91 and a current ratio of 1.91. Abacus Global Management, Inc. has a 52-week low of $5.00 and a 52-week high of $12.44. The company has a 50-day moving average of $10.15.

Institutional Investors Weigh In On Abacus Global Management

Hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. bought a new position in Abacus Global Management in the 4th quarter worth $30,000. New York State Common Retirement Fund bought a new stake in Abacus Global Management during the fourth quarter valued at about $75,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in Abacus Global Management in the fourth quarter worth about $83,000. Summit Wealth & Retirement Planning Inc. purchased a new stake in Abacus Global Management in the fourth quarter worth about $86,000. Finally, Intech Investment Management LLC bought a new position in shares of Abacus Global Management in the fourth quarter worth about $96,000.

Wall Street Analyst Weigh In

Several research firms have issued reports on ABX. Wall Street Zen cut shares of Abacus Global Management from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Texas Capital raised shares of Abacus Global Management to a "strong-buy" rating in a report on Tuesday, June 9th. Weiss Ratings restated a "hold (c)" rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Finally, Piper Sandler raised their target price 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. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.

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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