Abacus Global Management (NYSE:ABX) Stock: Insider Matthew Ganovsky Sells 22,800 Shares

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Matthew Ganovsky sold 22,800 shares of the firm’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $7.74, for a total value of $176,472.00. Following the completion of the sale, the insider directly owned 8,651,148 shares of the company’s stock, valued at $66,959,885.52. The trade was a 0.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, September 22nd, Matthew Ganovsky sold 21,312 shares of Abacus Global Management stock. The stock was sold at an average price of $8.01, for a total transaction of $170,709.12.
• 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 shares were sold at an average price of $10.31, for a total value of $395,213.23.

Abacus Global Management Stock Up 5.2%

NYSE:ABX opened at $8.22 on Friday. The firm has a market capitalization of $804.13 million, a P/E ratio of 29.37 and a beta of 0.06. Abacus Global Management, Inc. has a 1-year low of $5.00 and a 1-year high of $12.44. The company’s fifty day moving average price is $9.59 and its 200-day moving average price is $9.49. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70.

Abacus Global Management declared that its Board of Directors has authorized a share repurchase program on Friday, August 14th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 12.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Key Headlines Impacting Abacus Global Management

Here are the key news stories impacting Abacus Global Management this week:

• Positive Sentiment: Abacus completed a landmark $400 million securitization. The transaction could strengthen liquidity, expand financing capacity and support growth in the company’s longevity-based asset management platform. Abacus Global Management Completes Landmark $400 Million Securitization
• Positive Sentiment: Founders Sean McNealy, Matthew Ganovsky and Kevin “Scott” Kirby elected to terminate their pre-arranged Rule 10b5-1 trading plans while retaining substantial ownership. Ending the plans may reduce recurring selling pressure and signal continued long-term commitment. Abacus Founders Elect to Retain Substantial Ownership, Terminate 10b5-1 Trading Plans
• Neutral Sentiment: Abacus will participate in a virtual fireside chat hosted by Autonomous Research. The event could give investors additional insight into strategy and operating trends, although no new financial guidance was disclosed. Abacus Global Management to Participate in Virtual Fireside Chat Hosted by Autonomous Research
• Negative Sentiment: Major shareholders sold additional shares: McNealy sold 22,700, Kirby 22,745 and Ganovsky 22,800, for combined proceeds of approximately $528,000. The sales were made under pre-arranged plans and represented less than 0.3% of each holder’s stake, limiting their fundamental significance but adding near-term supply. Abacus Global Management Insider Trading Alert
• Negative Sentiment: The latest transactions follow more than $1.8 million of combined founder sales earlier in September. Repeated insider selling may weigh on sentiment despite the founders continuing to own large positions.

Wall Street Analysts Forecast Growth

ABX has been the subject of several recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. Piper Sandler dropped their target price on shares of Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a research note 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 analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Abacus Global Management currently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Royce & Associates LP purchased a new position in Abacus Global Management during the fourth quarter worth approximately $16,992,000. Alta Fundamental Advisers LLC purchased a new stake in Abacus Global Management in the 4th quarter valued at $9,385,000. Ashford Capital Management Inc. purchased a new stake in Abacus Global Management in the 1st quarter valued at $6,815,000. QTR Family Wealth LLC acquired a new stake in shares of Abacus Global Management in the 4th quarter worth $5,110,000. Finally, Kennedy Capital Management LLC purchased a new position in shares of Abacus Global Management during the 4th quarter worth $5,342,000.

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.