Key Points
- Major shareholder Sean Mcnealy sold 38,333 ABX shares at an average price of $10.31, totaling $395,213.23. He retained 12,610,606 shares, with the sale reducing his position by 0.30%.
- Abacus Global Management shares opened at $10.54 after a reported 3.0% decline, with a market capitalization of about $1.01 billion and a 12-month trading range of $5.00 to $12.44.
- Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $13.00; several institutional investors also recently initiated positions in the company.
Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Matthew Ganovsky sold 38,333 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,213.23. Following the sale, the insider owned 8,755,260 shares in the company, valued at $90,266,730.60. The trade was a 0.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.
Abacus Global Management Stock Down 3.0%
Shares of Abacus Global Management stock opened at $10.54 on Thursday. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 27.02 and a beta of 0.07. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.79. The firm has a 50 day moving average of $10.15. Abacus Global Management, Inc. has a 52 week low of $5.00 and a 52 week high of $12.44.
Hedge Funds Weigh In On Abacus Global Management
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Capital Investment Advisory Services LLC purchased a new position in Abacus Global Management during the 2nd quarter worth approximately $697,000. Ashford Capital Management Inc. acquired a new stake in shares of Abacus Global Management in the first quarter worth $6,815,000. Sei Investments Co. raised its holdings in shares of Abacus Global Management by 39.6% during the first quarter. Sei Investments Co. now owns 204,620 shares of the company's stock worth $1,612,000 after purchasing an additional 57,993 shares during the last quarter. State of Wyoming lifted its position in Abacus Global Management by 67.5% during the first 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 period. Finally, Bank of New York Mellon Corp boosted its holdings in Abacus Global Management by 5.1% in 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 during the last quarter.
Analysts Set New Price Targets
A number of research analysts have issued reports on the stock. Piper Sandler upped their price target on shares of Abacus Global Management from $10.00 to $13.00 and gave the company a "neutral" rating in a research note on Monday, July 13th. Wall Street Zen lowered shares of Abacus Global Management from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Finally, Texas Capital upgraded Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.
View Our Latest Analysis on Abacus Global Management
About Abacus Global Management
(
Get Free Report)
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.
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