Abacus Global Management (NYSE:ABX) Stock Crosses Above 50-Day Moving Average – Time to Sell?

Abacus Global Management, Inc. (NYSE:ABX) shares passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $8.67 and traded as high as $9.15. Abacus Global Management shares last traded at $9.0450, with a volume of 639,764 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ABX. B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Piper Sandler lowered their price objective on Abacus Global Management from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Monday, October 19th. Finally, Weiss Ratings lowered Abacus Global Management from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $10.00.

Abacus Global Management Stock Performance

The stock has a market cap of $884.53 million, a P/E ratio of 32.30 and a beta of 0.08. The stock has a fifty day simple moving average of $8.67 and a 200-day simple moving average of $9.18. 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 repurchase plan on Friday, August 14th that permits the company to buy back $100 million in shares. This repurchase authorization permits the company to purchase up to 12.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Abacus Global Management

In related news, major shareholder Matthew Ganovsky sold 36,000 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $8.13, for a total transaction of $292,680.00. Following the completion of the transaction, the insider owned 8,695,260 shares in the company, valued at approximately $70,692,463.80. The trade was a 0.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Kevin Kirby sold 36,400 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $8.13, for a total transaction of $295,932.00. Following the completion of the sale, the insider directly owned 12,549,905 shares of the company’s stock, valued at $102,030,727.65. The trade was a 0.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 633,011 shares of company stock worth $5,406,352 over the last ninety days. 46.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Abacus Global Management

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue acquired a new position in shares of Abacus Global Management in the 3rd quarter valued at $31,000. Susquehanna Fundamental Investments LLC acquired a new stake in Abacus Global Management during the 2nd quarter worth $221,000. Hsbc Holdings PLC acquired a new stake in Abacus Global Management during the 2nd quarter worth $285,000. World Investment Advisors lifted its holdings in Abacus Global Management by 89.7% during the first quarter. World Investment Advisors now owns 40,137 shares of the company’s stock worth $316,000 after acquiring an additional 18,975 shares in the last quarter. Finally, State of Wyoming lifted its holdings in Abacus Global Management by 67.5% during the first 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.

Abacus Global Management Company Profile

Abacus Global Management, Inc is an alternative asset management company focused on longevity-linked assets and insurance-related financial products. Through its operating businesses, the company originates, acquires and manages life insurance policies, including life settlements, in which policyholders receive an upfront payment in exchange for transferring policy ownership and future benefits.

The company provides services across the life-settlement and insurance-asset lifecycle, including policy sourcing, underwriting, portfolio management, servicing and institutional asset management.