Abacus Global Management (NYSE:ABX) Shares Cross Above 50-Day Moving Average - Should You Sell?

Key Points

• ABX rose 4.9% and traded at $9.045, above its 50-day moving average of $8.67; its 200-day average is $9.18.
• Analysts’ consensus is “Moderate Buy,” with an average price target of $10.00. Ratings are mixed, including a recent target cut to $10 and a neutral rating from Piper Sandler.
• The company has authorized a $100 million share buyback, allowing repurchases of up to 12.2% of shares. Meanwhile, insiders sold 633,011 shares over the past 90 days, though the reported transactions were under pre-arranged trading plans.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report)'s stock price passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $8.67 and traded as high as $9.15. Abacus Global Management shares last traded at $9.0450, with a volume of 639,764 shares.

Wall Street Analysts Forecast Growth

ABX has been the subject of a number of recent analyst reports. Weiss Ratings cut Abacus Global Management from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, October 28th. B. Riley Financial reiterated a "buy" rating on shares of Abacus Global Management in a research report on Friday, August 7th. Finally, Piper Sandler lowered their target price on shares of Abacus Global Management from $12.00 to $10.00 and set a "neutral" rating on the stock in a research note on Monday, October 19th. 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. According to data from MarketBeat.com, Abacus Global Management has a consensus rating of "Moderate Buy" and an average target price of $10.00.

Abacus Global Management Trading Up 4.9%

The firm has a market cap of $884.53 million, a P/E ratio of 32.30 and a beta of 0.08. 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's fifty day moving average price is $8.67 and its two-hundred day moving average price is $9.18.

Abacus Global Management declared that its board has approved a share buyback plan on Friday, August 14th that permits the company to buy back $100 million in shares. This repurchase authorization permits the company to reacquire up to 12.2% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, major shareholder Kevin Kirby sold 22,745 shares of the firm's stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total transaction of $176,046.30. Following the completion of the sale, the insider owned 12,506,060 shares of the company's stock, valued at approximately $96,796,904.40. This trade represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Matthew Ganovsky sold 22,800 shares of the firm's stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $7.74, for a total transaction of $176,472.00. Following the sale, the insider directly owned 8,651,148 shares of the company's stock, valued at approximately $66,959,885.52. The trade was a 0.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 633,011 shares of company stock valued at $5,406,352. 46.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Abacus Global Management

A number of hedge funds and other institutional investors have recently bought and sold shares of ABX. State of Alaska Department of Revenue bought a new stake in Abacus Global Management during the 3rd quarter worth about $31,000. Bank of New York Mellon Corp raised its stake in shares of Abacus Global Management by 5.1% in the first quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company's stock worth $1,199,000 after acquiring an additional 7,444 shares during the last quarter. Squarepoint Ops LLC raised its stake 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 during the last quarter. World Investment Advisors raised its stake in shares of Abacus Global Management by 89.7% in the first quarter. World Investment Advisors now owns 40,137 shares of the company's stock worth $316,000 after acquiring an additional 18,975 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Abacus Global Management during the second quarter worth approximately $221,000.

About Abacus Global Management

Abacus Global Management, Inc is an alternative asset management company focused on longevity-linked assets and insurance-related financial products. Through its operating businesses, the company originates, acquires and manages life insurance policies, including life settlements, in which policyholders receive an upfront payment in exchange for transferring policy ownership and future benefits.

The company provides services across the life-settlement and insurance-asset lifecycle, including policy sourcing, underwriting, portfolio management, servicing and institutional asset management.

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