AlTi Global (NASDAQ:ALTI) Stock Price Up 18.1% - Time to Buy?

Key Points

• AlTi Global shares jumped 18.1% to about $4.39, with trading volume roughly 65% above average.
• Despite the rally, analyst sentiment remains negative: Zacks Research downgraded the stock to “strong sell,” Weiss Ratings maintained a “sell (D-)” rating, and the consensus rating is “Sell.”
• Several institutional investors increased their holdings, but institutional ownership remains low at 3.57%; the company also carries a negative P/E ratio of -3.28.

Shares of AlTi Global, Inc. (NASDAQ:ALTI - Get Free Report) rose 18.1% on Wednesday . The stock traded as high as $4.28 and last traded at $4.3940. Approximately 283,556 shares were traded during mid-day trading, an increase of 65% from the average daily volume of 171,701 shares. The stock had previously closed at $3.72.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ALTI shares. Zacks Research lowered AlTi Global from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of AlTi Global in a research report on Friday, July 17th. Two research analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of "Sell".

AlTi Global Trading Up 24.4%

The company's fifty day moving average is $3.35 and its 200-day moving average is $3.76. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $701.39 million, a P/E ratio of -3.28 and a beta of 0.71.

Hedge Funds Weigh In On AlTi Global

Large investors have recently made changes to their positions in the business. Yorkville Advisors Global LP grew its holdings in AlTi Global by 45.1% in the 4th quarter. Yorkville Advisors Global LP now owns 649,199 shares of the basic materials company's stock valued at $3,012,000 after buying an additional 201,699 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of AlTi Global by 35.0% in the third quarter. Dimensional Fund Advisors LP now owns 52,162 shares of the basic materials company's stock valued at $186,000 after acquiring an additional 13,514 shares during the period. JPMorgan Chase & Co. boosted its position in shares of AlTi Global by 149.8% in the third quarter. JPMorgan Chase & Co. now owns 50,238 shares of the basic materials company's stock valued at $179,000 after acquiring an additional 30,125 shares during the period. Deutsche Bank AG acquired a new stake in shares of AlTi Global in the fourth quarter worth $139,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of AlTi Global by 28.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,873 shares of the basic materials company's stock worth $130,000 after acquiring an additional 6,197 shares during the last quarter. 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. 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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