Matthew Ganovsky Sells 24,000 Shares of Abacus Global Management (NYSE:ABX) Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Matthew Ganovsky sold 24,000 shares of the stock in a transaction on Friday, September 18th. The shares were sold at an average price of $8.79, for a total value of $210,960.00. Following the completion of the sale, the insider directly owned 8,731,260 shares of the company’s stock, valued at $76,747,775.40. The trade was a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% 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 value 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 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 Performance

ABX traded down $0.01 during trading hours on Tuesday, hitting $8.04. The stock had a trading volume of 821,523 shares, compared to its average volume of 476,388. The company’s fifty day simple moving average is $9.69 and its 200 day simple moving average is $9.52. 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 $785.74 million, a PE ratio of 28.70 and a beta of 0.06. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67.

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

Institutional Trading of Abacus Global Management

Hedge funds and other institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP increased its holdings in shares of 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 acquiring an additional 26,157 shares in the last quarter. Squarepoint Ops LLC grew its holdings in Abacus Global Management by 20.8% during 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 increased its holdings in shares of Abacus Global Management by 31.6% during the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock valued at $2,204,000 after purchasing an additional 49,447 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Abacus Global Management in the second quarter valued at $221,000. Finally, Hsbc Holdings PLC acquired a new position in Abacus Global Management in the 2nd quarter worth about $285,000.

Analyst Ratings Changes

ABX has been the subject of a number of research reports. 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 research note on Tuesday, September 8th. Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. One research 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

Abacus Global Management News Roundup

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

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.