In recent trading activity, Spiros Maliagros, the President of Strategic Alternatives at AlTi Global, Inc. (NASDAQ:ALTI), has sold a total of 6,469 shares of the company's Class A Common Stock. The transactions took place over two consecutive days, with the executive receiving a weighted average price between $4.79 and $5.01 per share, amounting to over $31,140 in total sales.
On the first day of trading, Maliagros sold 5,769 shares at a weighted average price of $4.79. The sales were executed in multiple transactions with prices ranging from $4.73 to $4.90. The following day, an additional 700 shares were sold at a weighted average price of $5.01, with individual sales ranging from $5.00 to $5.02.
After these transactions, Maliagros retains ownership of 440,317.74 shares in AlTi Global, reflecting his ongoing stake in the company. The specific details of the transactions, including the number of shares sold at each price point within the provided ranges, can be made available by Maliagros to AlTi Global, its security holders, or the SEC staff upon request.
AlTi Global, Inc., formerly known as Alvarium Tiedemann Holdings, Inc., is a company specializing in investment advice and operates under the SIC code 6282. The executive's recent stock sale provides investors with insight into the trading activities of AlTi Global's insiders.
In other recent news, AlTi Global, Inc. has reported significant developments in its operations. The company's first quarter revenue for 2024 stood at $51 million, with a net income of $22 million, as announced in its earnings conference call. A substantial 96% of this revenue was derived from recurring fees. The assets under management (AUM) saw a 10% increase over the past year, reaching a total of $71 billion.
In addition, AlTi Global's shareholders approved key proposals at the 2024 Annual Meeting. The approved proposals included the election of six director nominees, issuing Class A Common Stock and Series A Preferred Stock to Allianz (ETR:ALVG) Strategic Investments S.à.r.l., authorizing a new class of common stock, and the ratification of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
These recent developments highlight the company's strategic direction and operations. The company's CEO, Michael Tiedemann, underscored the importance of shareholder participation in corporate governance, especially in key decisions that could influence the company's strategic direction. AlTi Global's commitment to shareholder involvement is evident as it navigates the investment advisory landscape.
InvestingPro Insights
As investors digest the news of Spiros Maliagros' recent stock sales in AlTi Global, Inc. (NASDAQ:ALTI), it's essential to consider the company's financial health and market position. According to InvestingPro data, AlTi Global has a market capitalization of approximately $573.04 million, with a notable revenue growth of 111.96% in the last twelve months as of Q1 2024. Despite this impressive top-line expansion, the company's profitability remains a challenge, as reflected by its negative P/E ratio of -4.58 and an adjusted P/E ratio of -13.69 for the same period. This indicates that while the company is growing its revenue, it is not yet translating that into net income.
However, there are positive signs on the horizon. An InvestingPro Tip suggests that net income is expected to grow this year, aligning with analysts' predictions that the company will turn profitable within the year. This could be a pivotal moment for AlTi Global as it works towards achieving financial stability. Additionally, the company's liquid assets currently exceed its short-term obligations, which is a reassuring sign for investors concerned about the company's immediate financial obligations.
Investors considering AlTi Global as a potential addition to their portfolios should note that the company does not pay a dividend, which may influence those seeking regular income streams from their investments. For those interested in a deeper analysis, InvestingPro offers additional insights, with a total of 5 InvestingPro Tips available at https://www.investing.com/pro/ALTI, which could provide further clarity on the company's financial trajectory.
Lastly, the InvestingPro Fair Value estimate stands at $6.36, offering a perspective on the stock's valuation compared to the previous close price of $4.90. This discrepancy may suggest that the stock is undervalued, presenting a potential opportunity for investors.
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