Abacus Global Management (NYSE:ABX) Major Shareholder Sean Mcnealy Sells 38,333 Shares

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Sean Mcnealy sold 38,333 shares of the business’s 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 sale, the insider directly owned 12,610,606 shares of the company’s stock, valued at approximately $130,015,347.86. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Abacus Global Management Price Performance

Shares of ABX stock opened at $10.54 on Thursday. The firm’s 50-day moving average is $10.15. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.91 and a quick ratio of 1.91. Abacus Global Management, Inc. has a 1-year low of $5.00 and a 1-year high of $12.44. The stock has a market cap of $1.01 billion, a PE ratio of 27.02 and a beta of 0.07.

Hedge Funds Weigh In On Abacus Global Management

Institutional investors have recently bought and sold shares of the stock. Capital Investment Advisory Services LLC purchased a new stake in Abacus Global Management in the second quarter worth about $697,000. Ashford Capital Management Inc. purchased a new position in shares of Abacus Global Management during the 1st quarter worth approximately $6,815,000. Sei Investments Co. grew its holdings in shares of Abacus Global Management by 39.6% during the 1st quarter. Sei Investments Co. now owns 204,620 shares of the company’s stock worth $1,612,000 after acquiring an additional 57,993 shares during the period. State of Wyoming raised its position in shares of Abacus Global Management by 67.5% in the 1st quarter. State of Wyoming now owns 59,611 shares of the company’s stock worth $470,000 after acquiring an additional 24,024 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Abacus Global Management by 5.1% in the 1st 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 in the last quarter.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Piper Sandler boosted their price objective on shares of Abacus Global Management from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a report on Thursday, June 11th. Wall Street Zen lowered Abacus Global Management from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Texas Capital upgraded Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Abacus Global Management presently has an average rating of “Moderate Buy” and an average target price of $13.00.

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.