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Kevin Scott Kirby (NYSE:KEX), Co-Founder and President of Abacus Global Management, Inc. (NASDAQ:ABL), recently made a significant acquisition of company stock amid a sharp 26% decline in share price over the past week. According to a recent SEC filing, Kirby purchased 86,207 shares of common stock on June 4, 2025, at $5.774 per share, totaling $497,759. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with technical indicators suggesting oversold conditions.
Following this purchase, Kirby now directly owns over 12.4 million shares of Abacus Global Management, representing a significant stake in the $556 million market cap company. It is noted that a portion of these shares is held indirectly through a limited liability company jointly owned by Kirby and his spouse. The insider purchase comes as the company faces some financial challenges, with InvestingPro data showing rapid cash burn and short-term obligations exceeding liquid assets. For deeper insights into ABL’s financial health and growth prospects, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Abacus Global Management has announced a $20 million stock repurchase program, approved by its Board of Directors, to be effective for eighteen months. This move is part of the company’s strategy to manage its capital structure and potentially increase shareholder value. Meanwhile, Piper Sandler has maintained its Overweight rating on Abacus Life, despite a short report questioning the company’s asset valuation practices. The short report, released by Morpheus Research, alleged that Abacus Life has been using flawed data to overvalue its insurance product assets, raising concerns about the company’s accounting methods.
In response, Abacus Global Management refuted the allegations, highlighting its audited returns and 20-year track record. The company emphasized its unique market position and plans to release a detailed rebuttal while considering legal action. Additionally, Abacus Global Management has adjusted executive salaries, with significant increases for key officers and a new compensation structure that includes performance-based incentives. This adjustment aims to align executive incentives with company performance and market standards, as detailed in a recent SEC filing. These developments underscore the company’s ongoing efforts to navigate market challenges and maintain its competitive edge.
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