AlTi Global (NASDAQ:ALTI) Shares Gap Down - Should You Sell?

Key Points

• AlTi Global's stock price gapped down from a previous close of $4.49 to an opening price of $4.37, with its last trade at $4.32.
• Wall Street Zen upgraded AlTi Global's rating from "strong sell" to "hold" on May 22nd, indicating a potential shift in investor sentiment.
• Insiders have recently sold a significant amount of shares, with over 119,000 shares sold in the past ninety days, raising concerns about insider confidence in the company's outlook.

AlTi Global, Inc. (NASDAQ:ALTI - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $4.49, but opened at $4.37. AlTi Global shares last traded at $4.32, with a volume of 27,241 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ALTI. Wall Street Zen raised AlTi Global from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Zacks Research raised AlTi Global to a "strong sell" rating in a report on Friday, August 8th.

AlTi Global Price Performance

The company has a market capitalization of $611.63 million, a P/E ratio of -2.39 and a beta of 0.80. The company has a fifty day moving average price of $4.20 and a 200 day moving average price of $3.61.

Insiders Place Their Bets

In related news, CEO Michael Tiedemann sold 42,199 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $3.47, for a total value of $146,430.53. Following the completion of the transaction, the chief executive officer directly owned 541,143 shares of the company's stock, valued at $1,877,766.21. This represents a 7.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Brooke Connell sold 21,462 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $3.47, for a total value of $74,473.14. Following the completion of the transaction, the insider directly owned 216,389 shares of the company's stock, valued at $750,869.83. This trade represents a 9.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 119,666 shares of company stock valued at $415,241. 10.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AlTi Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 purchasing an additional 3,109 shares during the period. The Manufacturers Life Insurance Company lifted its position in 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 purchasing an additional 3,679 shares during the period. Wells Fargo & Company MN lifted its position in AlTi Global by 30.8% in the fourth quarter. Wells Fargo & Company MN now owns 20,245 shares of the basic materials company's stock worth $89,000 after purchasing an additional 4,764 shares during the period. BNP Paribas Financial Markets acquired a new stake in AlTi Global in the fourth quarter worth approximately $25,000. Finally, Tower Research Capital LLC TRC lifted its position in AlTi Global by 158.4% in the second quarter. Tower Research Capital LLC TRC now owns 9,644 shares of the basic materials company's stock worth $40,000 after purchasing an additional 5,912 shares during the period. 3.57% of the stock is owned by institutional investors.

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.