AlTi Global, Inc. (NASDAQ:ALTI) executive Spiros Maliagros, who serves as the President of Strategic Alternatives, has sold a portion of his company shares on July 25, 2024. The transaction involved the sale of 1,800 shares of Class A Common Stock at a weighted average price of $5.01 per share.
The sale was executed in multiple transactions with prices ranging from $5.00 to $5.09, inclusive. Following this transaction, Maliagros retains ownership of 448,832.74 shares in AlTi Global, Inc. The total value of the shares sold by Maliagros amounted to approximately $9,018.
Investors and the public are informed that full details regarding the number of shares sold at each separate price within the stated range can be provided upon request to the company or the Securities and Exchange Commission.
The sale of shares by an executive of a company often attracts attention from the investment community. However, it is important to note that the reasons for such sales can vary and may not necessarily reflect the executive's outlook on the company's future performance.
AlTi Global, Inc., previously known as Alvarium Tiedemann Holdings, Inc., is a firm specializing in investment advice and is headquartered in New York. The company has a history of name changes, with its former name being Cartesian Growth Corp until December 31, 2020.
In other recent news, AlTi Global has been active with significant developments. In their 2024 Annual Meeting of Stockholders, shareholders approved several key proposals. These included electing six director nominees, issuing Class A Common Stock and Series A Preferred Stock to Allianz (ETR:ALVG) Strategic Investments S.à.r.l, amending the company's Certificate of Incorporation to authorize a new class of common stock, and ratifying KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
In their First Quarter 2024 Earnings Conference Call, AlTi reported a revenue of $51 million, with a net income of $22 million and an adjusted EBITDA of $7 million. The company also highlighted a 10% increase in assets under management over the past year, reaching $71 billion. Additionally, AlTi announced key acquisitions aimed at enhancing their wealth management platform and expanding operations.
These are among the recent developments for AlTi Global, a company that continues to engage its shareholders actively and navigate the investment advisory landscape.
InvestingPro Insights
Amid the news of AlTi Global, Inc. (NASDAQ:ALTI) executive Spiros Maliagros' sale of company shares, investors may be seeking further context to assess the company's financial health and future prospects. According to InvestingPro data, AlTi Global has a market capitalization of $601.24 million, with a significant revenue growth of 111.96% over the last twelve months as of Q1 2024. Despite this impressive top-line growth, the company has been operating at a loss, as indicated by an operating income margin of -19.34% during the same period.
InvestingPro Tips suggest that while AlTi Global has not been profitable over the last twelve months, analysts are optimistic about the company's potential to turn a profit this year. Moreover, the company's liquid assets are reported to exceed short-term obligations, which may provide some financial stability in the near term.
While the stock has experienced a significant decline over the last six months, with a 25.41% drop in total return, the fair value estimates from analysts and InvestingPro place the stock at $9 and $6.42 USD, respectively, which suggests potential upside from the previous close price of $4.96. This valuation gap may be of interest to investors considering the company's future earnings potential and market position.
For those seeking a deeper analysis and additional insights, InvestingPro offers more tips on AlTi Global, which can be found at https://www.investing.com/pro/ALTI. Utilize the coupon code PRONEWS24 to receive up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. With 5 additional InvestingPro Tips available, investors can gain a more comprehensive understanding of AlTi Global's financial landscape and make more informed investment decisions.
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