ALTI - AlTi Global stock dives after downgrade to Market Perform at RayJay

2023-07-12 15:16:11 ET

• AlTi Global ( NASDAQ: ALTI ) shares gapped down 10.6% in Wednesday mid-afternoon trading as Raymond James analyst Wilma Burdis downgraded the stock to Market Perform, citing valuation with the stock briefly surpassing Burdis' price target of $8 a share.
• ALTI, with a short interest of just 0.68%, changed hands at $7.54 a share at the time of writing.
• On the bright side, ALTI was added to the Russell 2000 index last month, a move that "should drive higher institutional ownership," the sell-side analyst wrote in a note.
• The Market Perform rate falls between the SA Quant system rating of Sell and the average Wall Street analyst rating of Buy.
• The downgrade comes about a month after Christine Zhao stepped down as CEO of the New York-based provider of wealth and asset management services.

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