AlTi Global (NASDAQ:ALTI) Shares Down 5.8% – Here’s Why

AlTi Global, Inc. (NASDAQ:ALTI)’s stock price dropped 5.8% during mid-day trading on Tuesday . The company traded as low as $3.87 and last traded at $3.87. Approximately 52,930 shares changed hands during trading, a decline of 69% from the average daily volume of 173,361 shares. The stock had previously closed at $4.11.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Zacks Research upgraded AlTi Global from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of AlTi Global in a research report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce”.

AlTi Global Stock Down 5.2%

The stock has a market capitalization of $571.20 million, a price-to-earnings ratio of -2.15 and a beta of 0.75. The business’s 50 day simple moving average is $4.38 and its 200-day simple moving average is $4.16.

Institutional Investors Weigh In On AlTi Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in shares of AlTi Global by 149.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 50,238 shares of the basic materials company’s stock valued at $179,000 after purchasing an additional 30,125 shares in the last quarter. Yorkville Advisors Global LP bought a new stake in shares of AlTi Global during the 3rd quarter worth $1,593,000. Millennium Management LLC acquired a new stake in AlTi Global in the third quarter valued at about $91,000. Citadel Advisors LLC acquired a new stake in AlTi Global in the third quarter valued at about $126,000. Finally, Brevan Howard Capital Management LP grew its position in AlTi Global by 42.5% in the third quarter. Brevan Howard Capital Management LP now owns 39,327 shares of the basic materials company’s stock valued at $138,000 after acquiring an additional 11,727 shares during the last quarter. 3.57% of the stock is currently owned by institutional investors.

AlTi Global Company Profile

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.