Getty Images (NYSE:GETY) Shares Gap Up – Here’s Why

Shares of Getty Images Holdings, Inc. (NYSE:GETY) gapped up before the market opened on Wednesday . The stock had previously closed at $1.69, but opened at $1.80. Getty Images shares last traded at $1.89, with a volume of 3,520,684 shares.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Citigroup reaffirmed a “neutral” rating and set a $2.45 target price on shares of Getty Images in a research report on Monday, March 24th. Wall Street Zen lowered Getty Images from a “buy” rating to a “sell” rating in a research report on Thursday, May 22nd. Benchmark decreased their target price on Getty Images from $4.50 to $3.50 and set a “buy” rating for the company in a research report on Tuesday, May 13th. Finally, Wedbush reaffirmed an “outperform” rating and set a $7.70 target price on shares of Getty Images in a research report on Tuesday, May 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $4.35.

Getty Images Price Performance

The stock has a fifty day moving average price of $1.77 and a 200-day moving average price of $2.18. The firm has a market capitalization of $777.22 million, a PE ratio of 15.67 and a beta of 1.91. The company has a debt-to-equity ratio of 1.84, a quick ratio of 0.79 and a current ratio of 0.79.

Getty Images (NYSE:GETY) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.17). Getty Images had a net margin of 5.91% and a return on equity of 6.42%. The company had revenue of $224.08 million during the quarter, compared to analysts’ expectations of $236.01 million. During the same quarter in the prior year, the business posted $0.03 earnings per share. The company’s revenue was up .8% compared to the same quarter last year. Sell-side analysts forecast that Getty Images Holdings, Inc. will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling at Getty Images

In other news, CEO Craig Warren Peters sold 124,624 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $2.12, for a total value of $264,202.88. Following the sale, the chief executive officer now owns 1,262,948 shares in the company, valued at $2,677,449.76. This represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Nathaniel Gandert sold 15,859 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $2.12, for a total value of $33,621.08. Following the completion of the sale, the chief technology officer now owns 534,377 shares in the company, valued at $1,132,879.24. The trade was a 2.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 226,668 shares of company stock worth $480,536. 12.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Getty Images

A number of large investors have recently bought and sold shares of GETY. Koch Inc. acquired a new position in Getty Images in the 4th quarter worth about $183,865,000. Invenomic Capital Management LP acquired a new position in Getty Images in the 1st quarter worth about $4,646,000. Toronto Dominion Bank acquired a new position in Getty Images in the 4th quarter worth about $3,553,000. Vanguard Group Inc. raised its holdings in Getty Images by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 10,225,249 shares of the company’s stock worth $22,087,000 after purchasing an additional 698,829 shares during the period. Finally, TIG Advisors LLC acquired a new position in shares of Getty Images during the first quarter valued at approximately $654,000. Institutional investors and hedge funds own 45.75% of the company’s stock.

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.