Abacus Global Management (NYSE:ABX) Trading Down 6% - Should You Sell?

Key Points

• ABX shares fell about 6% in mid-day trading to approximately $8.25, with trading volume significantly below average.
• Analysts maintain a consensus “Moderate Buy” rating with a $12.00 price target, implying potential upside from the current price.
• The company authorized a $100 million stock buyback covering up to 12.2% of shares, although insiders have sold roughly $4.0 million in stock over the past 90 days.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report)'s stock price traded down 6% during mid-day trading on Monday . The company traded as low as $8.06 and last traded at $8.2450. 188,899 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 590,170 shares. The stock had previously closed at $8.77.

Analyst Upgrades and Downgrades

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

Abacus Global Management Stock Down 8.3%

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 firm has a market cap of $786.52 million, a P/E ratio of 28.70 and a beta of 0.06. The business has a 50-day moving average price of $9.81 and a 200-day moving average price of $9.54.

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

Insider Buying and Selling

In other Abacus Global Management news, major shareholder Kevin Kirby sold 38,334 shares of the business's stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Matthew Ganovsky sold 38,333 shares of Abacus Global Management stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $10.31, for a total value of $395,213.23. Following the completion of the transaction, the insider owned 8,755,260 shares of the company's stock, valued at approximately $90,266,730.60. This represents a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 436,000 shares of company stock worth $4,042,070 over the last ninety days. Company insiders own 46.40% of the company's stock.

Institutional Trading of Abacus Global Management

A number of hedge funds have recently bought and sold shares of the business. Axxcess Wealth Management LLC purchased a new stake in shares of Abacus Global Management during the 4th quarter valued at approximately $98,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Abacus Global Management in the 2nd quarter valued at about $221,000. World Investment Advisors acquired a new position in Abacus Global Management in the fourth quarter valued at $181,000. Oasis Management Co Ltd. purchased a new position in shares of Abacus Global Management during the fourth quarter worth approximately $197,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Abacus Global Management in the 2nd quarter valued at approximately $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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