Abacus Global Management (NYSE:ABX) Major Shareholder Sells $395,223.54 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Kevin Scott Kirby sold 38,334 shares of the firm’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 transaction of $395,223.54. Following the sale, the insider owned 12,610,305 shares in the company, valued at approximately $130,012,244.55. The trade was a 0.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large 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 Stock Down 3.0%

NYSE:ABX traded down $0.32 during trading hours on Wednesday, hitting $10.54. 457,798 shares of the stock traded hands, compared to its average volume of 604,528. The stock has a market capitalization of $1.01 billion, a P/E ratio of 27.02 and a beta of 0.07. Abacus Global Management, Inc. has a 1 year low of $5.00 and a 1 year high of $12.44. The firm has a 50 day moving average of $10.15. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.79.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Abacus Global Management

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Investment Advisory Services LLC purchased a new position in Abacus Global Management during the second quarter valued at $697,000. Ashford Capital Management Inc. purchased a new stake in Abacus Global Management in the 1st quarter worth $6,815,000. Sei Investments Co. boosted 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 valued at $1,612,000 after purchasing an additional 57,993 shares during the last quarter. State of Wyoming boosted its holdings in shares of Abacus Global Management by 67.5% during the 1st quarter. State of Wyoming now owns 59,611 shares of the company’s stock valued at $470,000 after purchasing an additional 24,024 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Abacus Global Management by 5.1% during the first quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company’s stock valued at $1,199,000 after purchasing an additional 7,444 shares in the last quarter.

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.