Jay Jackson Sells 196,000 Shares of Abacus Global Management (NYSE:ABX) Stock

Key Points

• CEO Jay Jackson sold 196,000 ABX shares at an average price of $8.77, generating approximately $1.72 million. He retains 10.4 million shares, and the sale reduced his ownership by 1.85%.
• Abacus Global Management shares rose 8.9% to $9.28, with trading volume above its average. The stock remains below its 12-month high of $12.44 and has a market capitalization of approximately $890 million.
• Analyst sentiment is mixed but leans positive: the company has a consensus “Moderate Buy” rating and a $12.00 target price, while several institutional investors recently established new positions.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) CEO Jay Jackson sold 196,000 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $8.77, for a total transaction of $1,718,920.00. Following the completion of the sale, the chief executive officer owned 10,397,430 shares in the company, valued at approximately $91,185,461.10. This trade represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Abacus Global Management Stock Up 8.9%

NYSE:ABX traded up $0.76 during trading hours on Friday, reaching $9.28. 1,071,540 shares of the stock were exchanged, compared to its average volume of 613,487. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.91 and a quick ratio of 1.91. The stock has a market cap of $890.14 million, a P/E ratio of 33.14 and a beta of 0.07. Abacus Global Management, Inc. has a twelve month low of $5.00 and a twelve month high of $12.44. The stock has a 50-day simple moving average of $10.20.

Analyst Upgrades and Downgrades

ABX has been the subject of a number of recent analyst reports. Piper Sandler decreased their price target on Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Friday, August 7th. Wall Street Zen lowered Abacus Global Management from a "buy" rating to a "hold" rating in a report 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 reiterated a "hold (c)" rating on shares of Abacus Global Management in a research note on Thursday, June 11th. Finally, B. Riley Financial reissued a "buy" rating on shares of Abacus Global Management in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.00.

Institutional Trading of Abacus Global Management

A number of institutional investors have recently bought and sold shares of ABX. Ashford Capital Management Inc. acquired a new stake in Abacus Global Management during the first quarter worth about $6,815,000. Royce & Associates LP acquired a new position in shares of Abacus Global Management in the 4th quarter valued at about $16,992,000. Citizens Financial Group Inc. RI acquired a new position in shares of Abacus Global Management in the 4th quarter valued at about $889,000. Kennedy Capital Management LLC purchased a new stake in shares of Abacus Global Management during the 4th quarter worth about $5,342,000. Finally, QTR Family Wealth LLC purchased a new stake in shares of Abacus Global Management during the 4th quarter worth about $5,110,000.

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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