AlTi Global, Inc. (NASDAQ:ALTI) has reported that Spiros Maliagros, the company's President of Strategic Alternatives, has sold a total of 5,769 shares of Class A Common Stock. The transaction, which took place on July 2, 2024, amounted to over $27,000, with the shares sold at a weighted average price of $4.74.
The sale was executed in multiple transactions with prices ranging from $4.64 to $4.88 per share. Following this sale, Maliagros still holds a substantial number of shares, with a total of 479,477.74 shares remaining in his direct ownership.
The reported sale provides a glimpse into the trading activities of AlTi Global's executives and could be of interest to current and potential investors. The company, which is known for providing investment advice, has seen its shares change hands within the specified price range, as detailed in the recent SEC filing.
Investors often keep a close eye on insider transactions as they can provide valuable insights into the company's financial health and future prospects. The sale by Maliagros is just one of many transactions that insiders at public companies engage in, and the details are routinely disclosed to the public to ensure transparency.
AlTi Global, formerly known as Alvarium Tiedemann Holdings, Inc. and Cartesian Growth Corp, has undergone significant changes in recent years, including a name change that took effect at the beginning of 2023. The company's business address and main operations are based in New York, NY.
In other recent news, AlTi Global Inc. has been at the forefront of significant developments. The company's first quarter 2024 earnings conference call indicated a notable 10% increase in assets under management, reaching a total of $71 billion. In terms of revenue, the company reported $51 million, with a net income of $22 million and an adjusted EBITDA of $7 million.
In addition, AlTi Global held its annual meeting of stockholders, where several key proposals were approved. Shareholders elected six director nominees and approved the issuance of Class A Common Stock and Series A Preferred Stock to Allianz (ETR:ALVG) Strategic Investments S.à.r.l. They also sanctioned the creation of a new class of common stock, Class C Non-Voting Common Stock, and ratified KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
These recent developments highlight AlTi Global's strategic direction and operational adjustments. Investors should note that the company is focusing on organic growth, talent acquisition, and strategic acquisitions, as indicated in the first quarter earnings call. Additionally, AlTi Global's commitment to shareholder involvement is evident in its transparent communication and emphasis on corporate governance.
InvestingPro Insights
AlTi Global, Inc. (NASDAQ:ALTI) has recently made headlines with the sale of shares by Spiros Maliagros, the company's President of Strategic Alternatives. As investors and analysts assess the implications of such insider transactions, it's important to consider the broader financial context in which these events occur.
InvestingPro data shows that AlTi Global has a market capitalization of approximately $576.04 million, indicating its size within the industry. Despite facing challenges, as evidenced by a negative P/E ratio of -4.37, the company has shown impressive revenue growth of 111.96% over the last twelve months as of Q1 2024. This suggests that AlTi Global is expanding its operations and revenue streams at a rapid rate, which could be a positive sign for future profitability. However, it's noteworthy that quarterly revenue growth has seen a downturn of -12.46% in Q1 2024, which may reflect seasonal fluctuations or specific market challenges during that period.
Two InvestingPro Tips provide further context for AlTi Global's financial performance and outlook:
1. Analysts predict the company will be profitable this year, which could signal a turnaround from the prior period where the company was not profitable.
2. The company's liquid assets exceed short-term obligations, providing AlTi Global with a buffer to manage its liabilities and invest in growth opportunities.
These insights, along with the additional 4 InvestingPro Tips available on the InvestingPro platform, can help investors make more informed decisions about their interest in AlTi Global. For a deeper analysis and access to exclusive metrics, investors can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at https://www.investing.com/pro/ALTI.
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