In a recent transaction, Spiros Maliagros, the President of Strategic Alternatives at AlTi Global, Inc. (NASDAQ:ALTI), sold 1,779 shares of the company's Class A Common Stock, totaling approximately $8,895. The sale took place on July 15, 2024, with the weighted average price for the shares being $5.00, varying slightly within a range from $5.00 to $5.01.
Following the transaction, Maliagros retains a significant stake in the company, with 471,929.74 shares of AlTi Global still under his direct ownership. The company, which operates in the investment advice sector and is incorporated in Delaware, has recently undergone a name change from Alvarium Tiedemann Holdings, Inc. to AlTi Global, Inc.
Investors and followers of AlTi Global's executive team may take note of these transactions as they reflect movements within the company's insider trading activities. The specifics of the sales, including the number of shares sold at each price point within the stated range, are available upon request from the company or the Securities and Exchange Commission.
Spiros Maliagros's recent stock sale represents a notable change in his investment in AlTi Global, and it remains a point of interest for those tracking insider trading patterns within the company.
In other recent news, AlTi Global, an investment advisory firm, has reported significant developments. The company's first-quarter revenue for 2024 was announced at $51 million, with net income standing at $22 million and an adjusted EBITDA of $7 million. The firm also reported a 10% increase in assets under management over the past year, reaching $71 billion.
In other company developments, AlTi Global shareholders approved several key proposals at the 2024 Annual Meeting. These include the election of six director nominees, issuance of Class A Common Stock and Series A Preferred Stock to Allianz (ETR:ALVG) Strategic Investments, 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 2024.
These are the latest updates following the company's call to shareholders for participation in the annual stockholders meeting. The CEO, Michael Tiedemann, emphasized the importance of shareholder involvement in key decisions that could influence the strategic direction and operations of AlTi Global. The company continues to focus on organic growth, talent acquisition, and strategic acquisitions for accelerated growth in 2024.
InvestingPro Insights
AlTi Global, Inc. (NASDAQ:ALTI) has been the subject of investor attention following the insider sale by President of Strategic Alternatives, Spiros Maliagros. While the sale may influence perceptions, a broader look at the company's financial metrics can provide a more comprehensive understanding of its position. According to InvestingPro data, AlTi Global's market capitalization stands at a moderate $619.24 million, and despite a negative P/E ratio of -4.8, which suggests investors are wary of earnings prospects, the company is expected to see net income growth this year.
InvestingPro Tips indicate that AlTi Global has had a significant return over the last week, with a 13.41% increase in share price, hinting at a positive short-term investor sentiment. Additionally, the company's liquid assets surpass its short-term obligations, which may reassure investors of the company's ability to meet its immediate liabilities. Analysts contributing to InvestingPro also predict that AlTi Global will be profitable this year, a potential turnaround from the lack of profitability over the last twelve months.
With revenue growth of 111.96% for the last twelve months as of Q1 2024, AlTi Global demonstrates a strong top-line expansion, although it's important to note a quarterly revenue decline of -12.46% in Q1 2024. The company does not pay a dividend, which could be a factor for income-focused investors to consider.
For those interested in a deeper analysis and more InvestingPro Tips, there are additional insights available on the InvestingPro platform for AlTi Global. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking a wealth of financial data and expert analysis to inform your investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.