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

Getty Images Holdings, Inc. (NYSE:GETY) gapped up before the market opened on Monday . The stock had previously closed at $0.6051, but opened at $1.40. Getty Images shares last traded at $1.2950, with a volume of 128,193,180 shares.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on GETY shares. Wedbush restated an “outperform” rating and issued a $7.00 price target on shares of Getty Images in a research note on Tuesday, May 12th. Zacks Research upgraded shares of Getty Images from a “strong sell” rating to a “hold” rating in a report on Monday, May 18th. Weiss Ratings lowered shares of Getty Images from a “sell (d)” rating to a “sell (e+)” rating in a research report on Tuesday, May 12th. Finally, Citigroup cut their target price on shares of Getty Images from $1.85 to $0.85 and set a “neutral” rating for the company in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.78.

Getty Images Stock Performance

The company has a market cap of $450.38 million, a P/E ratio of -4.21 and a beta of 2.03. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.13. The stock has a 50 day moving average price of $0.86 and a two-hundred day moving average price of $1.01.

Getty Images (NYSE:GETY) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.02). Getty Images had a negative net margin of 10.94% and a negative return on equity of 17.01%. The firm had revenue of $226.57 million during the quarter, compared to the consensus estimate of $238.90 million. On average, research analysts predict that Getty Images Holdings, Inc. will post -0.03 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Michael Teaster sold 38,100 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $0.79, for a total transaction of $30,099.00. Following the transaction, the insider directly owned 488,862 shares of the company’s stock, valued at approximately $386,200.98. This trade represents a 7.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Craig Warren Peters sold 167,403 shares of the business’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $0.78, for a total transaction of $130,574.34. Following the completion of the sale, the chief executive officer directly owned 1,289,548 shares of the company’s stock, valued at $1,005,847.44. This represents a 11.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 429,663 shares of company stock valued at $335,518. 12.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its position in shares of Getty Images by 16.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,458 shares of the company’s stock valued at $82,000 after acquiring an additional 6,856 shares during the period. Alliancebernstein L.P. increased its position in shares of Getty Images by 12.4% in the third quarter. Alliancebernstein L.P. now owns 80,520 shares of the company’s stock worth $159,000 after purchasing an additional 8,900 shares during the period. Intech Investment Management LLC raised its stake in Getty Images by 14.7% in the fourth quarter. Intech Investment Management LLC now owns 71,564 shares of the company’s stock valued at $96,000 after purchasing an additional 9,173 shares in the last quarter. Polymer Capital Management US LLC lifted its position in Getty Images by 7.9% during the third quarter. Polymer Capital Management US LLC now owns 136,798 shares of the company’s stock worth $271,000 after purchasing an additional 10,007 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in Getty Images by 103.2% during the third quarter. BNP Paribas Financial Markets now owns 21,794 shares of the company’s stock worth $43,000 after purchasing an additional 11,066 shares during the period. 45.75% of the stock is owned by institutional investors.

About Getty Images

Getty Images (NYSE: GETY) is a leading global provider of digital visual content, offering an extensive library of stock photography, editorial imagery, video footage and music. The company supplies creative and rights-managed assets to a broad range of industries, including advertising, media, corporate communications and publishing. Through its online platform and licensing services, Getty Images enables customers to search, license and download multimedia content for commercial and editorial use.

Founded in 1995 by Mark Getty and Jonathan Klein, Getty Images pioneered the aggregation of photographic archives into a centralized, digital marketplace.