Getty Images (NYSE:GETY) Shares Gap Down – Here’s What Happened

Shares of Getty Images Holdings, Inc. (NYSE:GETY) gapped down prior to trading on Wednesday . The stock had previously closed at $1.53, but opened at $1.47. Getty Images shares last traded at $1.4450, with a volume of 373,066 shares trading hands.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Wedbush restated an “outperform” rating and set a $7.00 price target on shares of Getty Images in a research report on Friday, October 31st. Zacks Research upgraded shares of Getty Images from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Getty Images in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Getty Images presently has an average rating of “Hold” and an average target price of $4.03.

Getty Images Stock Down 5.3%

The firm has a market cap of $535.63 million, a PE ratio of -5.85 and a beta of 2.05. The business has a 50-day moving average price of $1.73 and a two-hundred day moving average price of $1.81. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 1.96.

Getty Images (NYSE:GETY) last released its earnings results on Monday, November 10th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. Getty Images had a negative net margin of 9.60% and a negative return on equity of 11.38%. The firm had revenue of $240.04 million for the quarter, compared to analyst estimates of $239.98 million. During the same period in the prior year, the firm earned ($0.01) earnings per share. The business’s quarterly revenue was down .2% compared to the same quarter last year. On average, equities research analysts expect that Getty Images Holdings, Inc. will post 0.08 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Craig Warren Peters sold 32,950 shares of Getty Images stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $2.03, for a total transaction of $66,888.50. Following the sale, the chief executive officer directly owned 1,246,736 shares in the company, valued at $2,530,874.08. This trade represents a 2.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Cho Mikael sold 25,555 shares of the firm’s stock in a transaction dated Tuesday, October 14th. The stock was sold at an average price of $2.11, for a total value of $53,921.05. Following the transaction, the senior vice president directly owned 131,348 shares in the company, valued at approximately $277,144.28. The trade was a 16.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 3,663,340 shares of company stock valued at $8,275,819 in the last ninety days. Insiders own 11.20% of the company’s stock.

Institutional Investors Weigh In On Getty Images

Hedge funds have recently modified their holdings of the stock. Polymer Capital Management US LLC raised its position in Getty Images by 7.9% during the 3rd quarter. Polymer Capital Management US LLC now owns 136,798 shares of the company’s stock worth $271,000 after buying an additional 10,007 shares during the last quarter. Millennium Management LLC lifted its position in Getty Images by 1,202.9% in the third quarter. Millennium Management LLC now owns 587,254 shares of the company’s stock valued at $1,163,000 after purchasing an additional 542,181 shares during the period. Capula Management Ltd purchased a new stake in Getty Images in the 3rd quarter valued at approximately $104,000. Bank of America Corp DE increased its position in Getty Images by 48.1% during the 3rd quarter. Bank of America Corp DE now owns 376,500 shares of the company’s stock worth $745,000 after purchasing an additional 122,196 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of Getty Images by 12.4% in the 3rd quarter. Alliancebernstein L.P. now owns 80,520 shares of the company’s stock valued at $159,000 after buying an additional 8,900 shares during the period. 45.75% of the stock is owned by institutional investors and hedge funds.

About Getty Images

Getty Images Holdings, Inc offers creative and editorial visual content solutions in the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Its products include Getty Images that offers creative and editorial content including stills, music and video which focuses on corporate, agency, and media customers; iStock.com, an e-commerce offering where customers have access to creative stills and video; Unsplash.com, a platform offering free stock photo downloads and paid subscriptions targeted to the high-growth prosumer and semi-professional creator segments; and Unsplash+ that provides access to unique model released content with expanded legal protections.