Matthew Ganovsky Sells 38,333 Shares of Abacus Global Management (NYSE:ABX) Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Matthew Ganovsky sold 38,333 shares of the firm’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 transaction, the insider directly owned 8,755,260 shares in the company, valued at approximately $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 accessible through this link. 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 Price Performance

Shares of ABX traded down $0.32 during midday trading on Wednesday, reaching $10.54. 457,798 shares of the stock were exchanged, compared to its average volume of 604,528. The firm has a 50-day simple moving average of $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 twelve month low of $5.00 and a twelve month high of $12.44. The stock has a market cap of $1.01 billion, a P/E ratio of 27.02 and a beta of 0.07.

Institutional Investors Weigh In On Abacus Global Management

A number of institutional investors and hedge funds have recently made changes to their positions in ABX. Ashford Capital Management Inc. purchased a new position in shares of Abacus Global Management during the first quarter worth about $6,815,000. Royce & Associates LP acquired a new position in Abacus Global Management in the 4th quarter valued at about $16,992,000. Citizens Financial Group Inc. RI purchased a new stake in Abacus Global Management during the 4th quarter valued at approximately $889,000. Kennedy Capital Management LLC purchased a new stake in Abacus Global Management during the 4th quarter valued at approximately $5,342,000. Finally, QTR Family Wealth LLC acquired a new stake in Abacus Global Management during the 4th quarter worth approximately $5,110,000.

Analyst Ratings Changes

Several research analysts have commented on ABX shares. Wall Street Zen lowered Abacus Global Management from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Piper Sandler increased their price objective on Abacus Global Management from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a report on Thursday, June 11th. Finally, Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.00.

About Abacus Global Management

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.