AlTi Global, Inc. (NASDAQ:ALTI) has recently disclosed a transaction involving the sale of shares by one of its executives. Spiros Maliagros, the company's President of Strategic Alternatives, sold a total of 5,769 shares of Class A Common Stock on July 9, 2024. The total value of the shares sold amounted to approximately $25,902.
The transaction was executed at a weighted average price of $4.49 per share, with individual sales occurring at prices ranging from $4.32 to $4.64. Following the sale, Maliagros retains ownership of 473,708.74 shares in the company. The details of the transaction were made public in a recent filing with the Securities and Exchange Commission.
AlTi Global, Inc., headquartered in New York, operates within the investment advice sector and is known by its former name, Alvarium Tiedemann Holdings, Inc. The company has undergone a name change from Cartesian Growth Corp as of December 31, 2020, and has since continued to provide financial services under its current name.
Investors often monitor the buying and selling activities of company executives as these transactions can provide insights into the executives' perspectives on the company's current valuation and future prospects. The sale by Maliagros comes as a notable transaction given his position within the company.
For those interested in the specifics of the sale, the company has stated that full information regarding the number of shares sold at each separate price within the specified range is available upon request to the company, any security holder of the company, or the staff of the Securities and Exchange Commission.
The recent SEC filing was signed by Colleen Graham, Attorney-in-fact, on behalf of Spiros Maliagros on July 11, 2024.
In other recent news, AlTi Global reported significant progress in its First Quarter 2024 Earnings Conference Call. The company posted a first-quarter revenue of $51 million, largely driven by recurring fees, and a net income of $22 million. AlTi Global's assets under management (AUM) saw a 10% increase within the year, reaching a total of $71 billion.
In a recent Annual Meeting of Stockholders, shareholders approved several key proposals. These included the election of six director nominees, the issuance of Class A Common Stock and Series A Preferred Stock to Allianz (ETR:ALVG) Strategic Investments S.à.r.l, the creation of a new class of common stock called Class C Non-Voting Common Stock, and the ratification of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
In anticipation of this meeting, AlTi Global's CEO, Michael Tiedemann, had encouraged shareholders to participate. This initiative underscores the importance of shareholder involvement in shaping the company's strategic direction.
These recent developments highlight AlTi Global's commitment to growth and governance, with a focus on enhancing its wealth management platform and expanding operations.
InvestingPro Insights
AlTi Global, Inc. (NASDAQ:ALTI) has been navigating through a challenging period, as reflected in its recent stock performance and financial metrics. Investors considering the implications of executive share sales may find the following insights from InvestingPro valuable for context:
InvestingPro Tips for ALTI highlight that despite the company not being profitable over the last twelve months, analysts are optimistic about its future, predicting profitability for the current year. This aligns with the executive's decision to sell shares and may indicate a belief in the company's potential to recover and grow its net income.
In terms of financial stability, AlTi Global's liquid assets surpass its short-term obligations, suggesting a solid financial footing that could support the company's operations and strategic initiatives in the near term.
InvestingPro Data offers a snapshot of the company's market performance and valuation. AlTi Global's market capitalization stands at $562.84 million, with a Price to Earnings (P/E) ratio that remains negative at -4.42, reflecting the current lack of profitability. However, the company's revenue growth over the last twelve months is impressive at 111.96%, signaling strong sales performance despite quarterly fluctuations.
The stock has indeed taken a significant hit over the last six months, with a 34.34% drop in price total return, which could be a factor in executive decision-making regarding share transactions.
For investors looking for a deeper dive into AlTi Global, Inc. and additional InvestingPro Tips, exclusive insights are available at https://www.investing.com/pro/ALTI. There are 5 more tips listed on InvestingPro that can provide further context and guidance. Utilize the coupon code PRONEWS24 to receive up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to access these valuable insights.
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