AlTi Global (NASDAQ:ALTI) Shares Gap Up - Time to Buy?

Key Points

• AlTi Global shares jumped 11.5%, opening at $3.32 after previously closing at $3.00 and later trading near $3.37.
• Analysts have turned increasingly negative: Zacks Research and Wall Street Zen downgraded the stock to “strong sell” or “sell,” while Weiss Ratings reiterated its “sell” rating. MarketBeat reports a consensus rating of “Sell.”
• Institutional investors have made modest purchases, but ownership remains limited at just 3.57% of outstanding shares. The company has a market capitalization of approximately $522 million and a negative price-to-earnings ratio.

AlTi Global, Inc. (NASDAQ:ALTI - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $3.00, but opened at $3.32. AlTi Global shares last traded at $3.3650, with a volume of 95,314 shares.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ALTI shares. Zacks Research lowered AlTi Global from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 14th. Weiss Ratings reiterated a "sell (d-)" rating on shares of AlTi Global in a research note on Friday, July 17th. Finally, Wall Street Zen cut shares of AlTi Global from a "hold" rating to a "sell" rating in a report on Saturday. Two analysts have rated the stock with a Sell rating, According to data from MarketBeat, AlTi Global currently has a consensus rating of "Sell".

AlTi Global Trading Up 11.5%

The company has a market cap of $521.78 million, a price-to-earnings ratio of -2.41 and a beta of 0.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.97 and a quick ratio of 0.97. The firm's fifty day moving average price is $3.78 and its 200-day moving average price is $3.68.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets grew its position in AlTi Global by 110.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 8,729 shares of the basic materials company's stock worth $31,000 after purchasing an additional 4,581 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of AlTi Global by 158.4% during the second quarter. Tower Research Capital LLC TRC now owns 9,644 shares of the basic materials company's stock valued at $40,000 after buying an additional 5,912 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of AlTi Global during the first quarter valued at approximately $42,000. XTX Topco Ltd acquired a new position in shares of AlTi Global during the fourth quarter worth approximately $63,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of 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 buying an additional 3,679 shares during the period. 3.57% of the stock is owned by institutional investors and hedge funds.

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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