Abacus Global Management (NYSE:ABX) Trading Down 6% – Here’s What Happened

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

Abacus Global Management News Summary

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

• Neutral Sentiment: A head-to-head comparison of Abacus Global Management and OLB Group was published, but the available information does not identify a specific new catalyst for ABX. Head to Head Contrast: Abacus Global Management vs. OLB Group
• Negative Sentiment: Major shareholder Matthew Ganovsky sold 81,312 shares across September 18, 21 and 22 for approximately $674,349. He still owned about 8.67 million shares after the transactions. The sales represented relatively small reductions in his position and were conducted under a 10b5b1 plan. SEC filing for Matthew Ganovsky transactions
• Negative Sentiment: Major shareholder Kevin Scott Kirby sold 81,500 shares over the same period for approximately $675,903. He retained roughly 12.53 million shares, making the sales a limited reduction in his overall stake. SEC filing for Kevin Scott Kirby transactions
• Negative Sentiment: Major shareholder Sean McNealy sold 56,954 shares on September 21 and 22 for approximately $460,504, while continuing to own about 12.53 million shares. Across all three shareholders, sales totaled approximately 219,766 shares worth $1.81 million. SEC filing for Sean McNealy transactions

Wall Street Analyst Weigh In

Several research firms have recently commented on ABX. Piper Sandler decreased their price objective 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. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. Finally, B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. 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’s stock. Based on data from MarketBeat, Abacus Global Management has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

Abacus Global Management Stock Down 0.2%

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 stock’s 50-day simple moving average is $9.69 and its 200-day simple moving average is $9.52. The firm has a market capitalization of $785.74 million, a P/E ratio of 28.70 and a beta of 0.06.

Abacus Global Management declared that its Board of Directors has authorized a share repurchase program on Friday, August 14th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 12.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership 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 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 transaction, the insider 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William Hugh Mccauley, Jr. sold 125,000 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $9.10, for a total value of $1,137,500.00. Following the completion of the transaction, the chief financial officer owned 915,260 shares of the company’s stock, valued at $8,328,866. This trade represents a 12.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 679,766 shares of company stock valued at $6,063,786 over the last quarter. Corporate insiders own 46.40% of the company’s stock.

Hedge Funds Weigh In On Abacus Global Management

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Engineers Gate Manager LP grew its position in Abacus Global Management by 86.0% during the second quarter. Engineers Gate Manager LP now owns 56,557 shares of the company’s stock valued at $606,000 after buying an additional 26,157 shares during the period. Squarepoint Ops LLC raised its position in 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 period. Grandeur Peak Global Advisors LLC boosted its stake in Abacus Global Management by 31.6% in the second quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock valued at $2,204,000 after acquiring an additional 49,447 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Abacus Global Management in the second quarter valued at about $221,000. Finally, Hsbc Holdings PLC bought a new position in shares of Abacus Global Management during 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.