Spiros Maliagros, the President of Strategic Alternatives at AlTi Global, Inc. (NASDAQ:ALTI), has recently sold a portion of his company stock, according to the latest filings. Over a two-day period, Maliagros disposed of a total of 2,716 shares of Class A Common Stock, fetching an aggregate sum exceeding $10,924.
The transactions took place on August 6 and August 7, with the sale prices ranging from $4.00 to $4.07 per share. On the first day, 2,000 shares were sold at an average price of $4.03, while on the following day, 716 shares were sold at a flat rate of $4.00 each.
Following the sales, Maliagros still retains a substantial stake in the company, with 437,601.74 shares of AlTi Global remaining under his ownership. These transactions were executed directly, and the details, including the price range, were disclosed in compliance with SEC regulations.
Investors and interested parties can request additional information regarding the specific prices of shares sold within the reported range, as indicated in the footnotes of the filing.
AlTi Global, Inc., which operates within the investment advice sector, has undergone several name changes in the past, previously known as Alvarium Tiedemann Holdings, Inc. and Cartesian Growth Corp. The company is incorporated in Delaware and maintains its business address in New York, NY.
In other recent news, AlTi Global, Inc. has seen major developments including key shareholder votes, a push for shareholder participation, and the release of first quarter earnings. In the Annual Meeting of Stockholders, shareholders approved several proposals such as 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 amendment of the company's Certificate of Incorporation to authorize a new class of common stock, and the ratification of KPMG LLP as the independent registered public accounting firm for fiscal year 2024.
In addition, CEO Michael Tiedemann urged shareholders to vote in the annual meeting, emphasizing the importance of shareholder participation in corporate governance. This initiative underscores AlTi Global's commitment to transparency and active shareholder involvement.
The company also reported a revenue of $51 million in its First Quarter 2024 Earnings Conference Call, with a significant 96% derived from recurring fees. Net income stood at $22 million, with an adjusted EBITDA of $7 million. AlTi Global also announced a 10% increase in assets under management over the past year, reaching $71 billion, and key acquisitions aimed at enhancing their wealth management platform. These recent developments reflect AlTi Global's strategic focus on growth and shareholder engagement.
InvestingPro Insights
As AlTi Global, Inc. (NASDAQ:ALTI) navigates through the investment advice sector, recent market data from InvestingPro provides a deeper understanding of the company's financial health and stock performance. With a market capitalization of $447.63 million, ALTI's financial metrics offer a mixed picture to potential investors and current shareholders alike. Notably, the company's revenue has experienced a substantial growth rate of 111.96% over the last twelve months as of Q1 2024, signaling a strong expansion in its business operations. However, this growth comes with the backdrop of a negative quarterly revenue growth of -12.46% in Q1 2024, indicating potential short-term challenges.
One of the key InvestingPro Tips points out that ALTI's net income is expected to grow this year, which could signal a turnaround for the company that has not been profitable over the last twelve months. This anticipated improvement in profitability is a crucial aspect for investors to consider, especially when evaluating the company's future prospects.
Moreover, the stock's technical indicators suggest that it may be in oversold territory, as per the Relative Strength Index (RSI). This could imply that the recent sell-off may have been overdone, presenting a potential buying opportunity for contrarian investors. Additionally, with the stock trading near its 52-week low and having taken a significant hit over the last week, month, and six months, there could be room for a rebound if the company's fundamentals improve as expected.
Investors seeking more detailed analysis and additional InvestingPro Tips can find them on the dedicated InvestingPro page for ALTI, which currently lists a total of 11 tips. These insights could provide valuable context for understanding the company's current position and future trajectory.
Lastly, ALTI's current price, as of the previous close, stands at $3.81. This price point, along with the InvestingPro Fair Value estimate of $5.51, may offer a perspective on the stock's valuation and potential upside, based on analyst targets. As the company approaches its next earnings date on August 9, 2024, stakeholders will be watching closely to see if the expected growth in net income materializes and whether it can influence the stock's trajectory.
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