Spiros Maliagros, the President of Strategic Alternatives at AlTi Global, Inc. (NASDAQ:ALTI), recently sold shares of the company's stock, according to a new SEC filing. Maliagros offloaded a total of 5,769 shares at an average price of $4.25, netting approximately $24,518 from the sale.
The transactions occurred on August 27, 2024, and were executed in multiple trades with prices ranging from $4.15 to $4.38. Following these sales, Mr. Maliagros still holds a substantial stake in the company, with 422,473.74 shares remaining in his possession.
AlTi Global, Inc., which operates in the investment advice sector, has seen its stock being actively traded by insiders, which is a routine part of executive compensation and portfolio management. Such sales are often planned in advance through mechanisms like trading plans under Rule 10b5-1.
Investors and analysts often monitor insider trading activities to gain insights into a company's performance and executive sentiment. The sale by Mr. Maliagros represents a notable transaction by a key figure within AlTi Global, which may be of interest to current and potential shareholders.
AlTi Global, previously known as Alvarium Tiedemann Holdings, Inc., and before that as Cartesian Growth Corp, has undergone significant changes, including a name change at the beginning of 2023. The company is headquartered in New York and is incorporated in Delaware.
For those interested in the details of the transactions, the SEC filing includes a footnote indicating that Mr. Maliagros is willing to provide full information regarding the number of shares sold at each separate price within the reported range, upon request. The filing was signed by Colleen Graham, Attorney-in-fact, on August 29, 2024.
In other recent news, AlTi Global, Inc. has shared the results of its 2024 Annual Meeting of Stockholders. Major decisions included the election of six director nominees and the approval of several critical proposals. The first proposal involved issuing Class A Common Stock and Series A Preferred Stock to Allianz (ETR:ALVG) Strategic Investments S.à.r.l. The second proposal addressed the amendment of the company's Certificate of Incorporation to authorize a new class of common stock, known as Class C Non-Voting Common Stock. Both proposals were approved by the shareholders. Additionally, KPMG LLP was ratified as the independent registered public accounting firm for AlTi Global for the fiscal year ending December 31, 2024. These are the latest developments for AlTi Global, which had urged its shareholders to vote in the meeting through an email from CEO Michael Tiedemann.
InvestingPro Insights
Amid the recent insider trading activity at AlTi Global, Inc. (NASDAQ:ALTI), investors may be looking to understand the company's financial health and future outlook to better contextualize these transactions. According to the latest data from InvestingPro, AlTi Global currently holds a market capitalization of $380.25 million. Despite challenges in profitability, as reflected by a negative P/E ratio of -2.22, analysts predict that the company's net income is expected to grow this year.
InvestingPro data also reveals that AlTi Global has experienced significant revenue growth over the last twelve months as of Q2 2024, with a notable increase of 64.12%. However, this growth is tempered by a quarterly revenue decline of -3.57% in Q2 2024. The company's gross profit margin stands at 23.34%, indicating that AlTi Global suffers from weak gross profit margins, which is a point of concern for investors.
From a liquidity standpoint, AlTi Global's liquid assets exceed its short-term obligations, suggesting that the company is in a relatively stable position to cover its immediate liabilities. Nevertheless, the stock performance reflects investor sentiment, with the price having fallen significantly over the last three months and taking a big hit over the last six months. The previous close price of ALTI stock was at $4.12.
For those considering investment opportunities, there are additional InvestingPro Tips to explore. Currently, there are 10 tips available on InvestingPro for AlTi Global, including insights into cash burn rates, profitability projections, and dividend policies. These tips can provide a comprehensive picture of the company's financial landscape and help investors make more informed decisions.
To delve deeper into AlTi Global's performance metrics and to access the full range of InvestingPro Tips, visit https://www.investing.com/pro/ALTI.
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