AlTi Global (NASDAQ:ALTI) Stock Price Down 7.8% - Here's What Happened

Key Points

• Shares of AlTi Global fell 7.8% on Wednesday to $3.45 (intraday low $3.46) with 164,064 shares traded, about 7% above average volume.
• Weiss Ratings reaffirmed a sell (d-) rating and the stock carries a MarketBeat consensus of "Reduce" (one Hold, one Sell).
• Institutional activity rose—Invesco boosted its stake by 262.9%, Geode and MIRAE increased holdings and AQR opened a new position—yet hedge funds/institutions own just 3.57% of shares; the company has a market cap of ~$522.8M and a negative P/E of -2.51.

Shares of AlTi Global, Inc. (NASDAQ:ALTI - Get Free Report) fell 7.8% on Wednesday . The stock traded as low as $3.46 and last traded at $3.45. 164,064 shares were traded during mid-day trading, an increase of 7% from the average session volume of 153,187 shares. The stock had previously closed at $3.74.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AlTi Global in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Reduce".

AlTi Global Stock Down 7.2%

The firm has a market cap of $522.84 million, a PE ratio of -2.51 and a beta of 0.83. The firm's 50 day moving average is $3.92 and its 200-day moving average is $4.16.

Hedge Funds Weigh In On AlTi Global

Several institutional investors and hedge funds have recently modified their holdings of ALTI. Invesco Ltd. lifted its stake in shares of AlTi Global by 262.9% during the first quarter. Invesco Ltd. now owns 37,900 shares of the basic materials company's stock valued at $115,000 after buying an additional 27,455 shares during the period. AQR Capital Management LLC purchased a new position in AlTi Global during the first quarter worth approximately $42,000. Geode Capital Management LLC raised its stake in AlTi Global by 15.2% during 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 purchasing an additional 170,951 shares during the period. The Manufacturers Life Insurance Company raised its stake in AlTi Global by 25.4% during 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. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in AlTi Global by 15.4% during 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. Hedge funds and other institutional investors 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. It also provides trust and administration services, such as entity formation and management; creating or modifying trust instruments and administrative practices to meet beneficiary needs; corporate, trustee-executor, and fiduciary services; provision of directors and company secretarial services; administering entity ownership of intellectual property rights; advisory and administration services in connection with investments in marine and aviation assets; and administering entity ownership of fine art and collectibles.

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