AlTi Global (NASDAQ:ALTI) Issues Quarterly Earnings Results, Misses Expectations By $0.17 EPS

Key Points

• AlTi Global reported a quarterly loss of ($0.18) EPS, missing the consensus estimate of ($0.01) by a significant margin.
• The company's stock price fell 1.5% to $4.49, with a market capitalization of $638.66 million.
• Insider sales have been notable, with COO Kevin P. Moran selling 28,509 shares, indicating a 32.10% decrease in his position.

AlTi Global (NASDAQ:ALTI - Get Free Report) released its quarterly earnings results on Monday. The basic materials company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.17), Zacks reports. AlTi Global had a negative net margin of 66.10% and a negative return on equity of 0.32%. The firm had revenue of $53.13 million during the quarter, compared to the consensus estimate of $51.90 million.

AlTi Global Stock Performance

ALTI stock traded down $0.05 during trading on Friday, reaching $4.27. The company had a trading volume of 17,006 shares, compared to its average volume of 132,219. The firm has a 50-day simple moving average of $4.18 and a 200-day simple moving average of $3.61. The company has a market cap of $607.08 million, a price-to-earnings ratio of -2.36 and a beta of 0.80. AlTi Global has a twelve month low of $2.33 and a twelve month high of $5.00.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ALTI. Wall Street Zen upgraded shares of AlTi Global from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Zacks Research upgraded shares of AlTi Global to a "strong sell" rating in a report on Friday, August 8th.

Insider Activity at AlTi Global

In related news, insider Brooke Connell sold 21,462 shares of AlTi Global stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $3.47, for a total value of $74,473.14. Following the completion of the sale, the insider directly owned 216,389 shares in the company, valued at $750,869.83. This trade represents a 9.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Kevin P. Moran sold 28,509 shares of AlTi Global stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $3.47, for a total transaction of $98,926.23. Following the completion of the sale, the chief operating officer owned 60,311 shares of the company's stock, valued at $209,279.17. This trade represents a 32.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 119,666 shares of company stock valued at $415,241 over the last 90 days. Company insiders own 10.49% of the company's stock.

Institutional Trading of AlTi Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its stake in shares of AlTi Global by 15.2% in the second quarter. Geode Capital Management LLC now owns 1,298,545 shares of the basic materials company's stock worth $5,390,000 after acquiring an additional 170,951 shares during the period. Invesco Ltd. increased its stake in shares of AlTi Global by 262.9% in the first quarter. Invesco Ltd. now owns 37,900 shares of the basic materials company's stock worth $115,000 after acquiring an additional 27,455 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of AlTi Global by 15.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,280 shares of the basic materials company's stock worth $97,000 after acquiring an additional 3,109 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of AlTi Global by 25.4% in the second quarter. The Manufacturers Life Insurance Company now owns 18,157 shares of the basic materials company's stock worth $75,000 after acquiring an additional 3,679 shares during the period. Finally, AQR Capital Management LLC acquired a new stake in shares of AlTi Global in the first quarter worth $42,000. Institutional investors and hedge funds own 3.57% of the company's stock.

About AlTi Global

AlTi Global, Inc provides wealth and asset management services individuals, families, foundations, and institutions in the United States, the United Kingdom, and internationally. It operates through two segments, Wealth Management and Strategic Alternatives. The company offers discretionary investment management, non-discretionary investment advisory, and investment management and advisory services.