Spiros Maliagros, the President of Strategic Alternatives at AlTi Global, Inc. (NASDAQ:ALTI), has sold a total of $78,571 worth of Class A Common Stock on July 16, 2024. The executive offloaded 15,528 shares at a weighted average price of $5.06 each. The transactions occurred in multiple tranches ranging from $4.97 to $5.19 per share.
Following the sale, Maliagros retains ownership of 456,401.74 shares in the company, which specializes in investment advice. The sale was executed in accordance with the company's trading policies and was disclosed to the Securities and Exchange Commission in a recent filing.
The transactions are part of the routine financial activities of corporate executives, who may sell shares for a variety of reasons, including diversification, personal financial planning, or other strategic considerations. Investors often monitor these sales to gain insight into the behavior of company insiders.
Spiros Maliagros has been serving as the President of Strategic Alternatives at AlTi Global, a role that involves overseeing various strategic initiatives within the company. The details of the sale, including the range of prices at which the shares were sold, have been made available in the footnotes of the SEC filing, and further information can be provided upon request.
AlTi Global, Inc., formerly known as Alvarium Tiedemann Holdings, Inc. and Cartesian Growth Corp, is incorporated in Delaware and has its fiscal year end on December 31. The company's main office is located on Madison Avenue in New York City.
In other recent news, AlTi Global, Inc. has seen noteworthy developments. The company reported a first-quarter revenue of $51 million, with net income at $22 million and an adjusted EBITDA of $7 million, largely driven by recurring fees. AlTi Global also announced growth in its assets under management (AUM), which increased by 10% over the past year to reach $71 billion.
In addition to financial performance, AlTi Global held its 2024 Annual Meeting of Stockholders, where several key proposals were approved. Shareholders voted to elect six director nominees and approved the issuance of Class A Common Stock and Series A Preferred Stock to Allianz (ETR:ALVG) Strategic Investments S.à.r.l. They also ratified the amendment of the company's Certificate of Incorporation to authorize a new class of common stock, and ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
These recent developments underscore AlTi Global's strategic direction and operational progress, as the company continues to navigate the investment advisory landscape. With a focus on organic growth, talent acquisition, and strategic acquisitions, AlTi Global is poised for continued momentum in its operations.
InvestingPro Insights
As AlTi Global, Inc. (NASDAQ:ALTI) navigates the financial markets, recent data from InvestingPro provides a deeper understanding of the company's current financial position. With a market capitalization of $603.04M and a notable revenue growth of 111.96% in the last twelve months as of Q1 2024, ALTI demonstrates a significant expansion in its operations. Despite this impressive top-line growth, the company's profitability has been challenged, as reflected by a negative P/E ratio of -4.69 and an adjusted P/E ratio for the last twelve months as of Q1 2024 standing at -14.7.
InvestingPro Tips shine a light on the company's financial health and future outlook. Analysts anticipate that ALTI's net income is expected to grow this year, suggesting a potential turnaround from its current unprofitable status over the last twelve months. Additionally, ALTI's liquid assets exceed its short-term obligations, which could provide financial flexibility and stability in the near term.
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