Getty Images Holdings, Inc. (NYSE: GETY) experienced a significant decline in its stock price, reaching a new 52-week low of $1.24 during trading on Saturday. The stock closed at $1.27, with a volume of over 5.6 million shares changing hands. In comparison, the previous closing price was $1.36.
Market Analysis and Analyst Ratings
Several financial institutions have recently analyzed the company’s performance. Weiss Ratings maintained a “sell (d)” rating for Getty Images on October 8, 2023. Conversely, Zacks Research upgraded the company from a “strong sell” to a “hold” rating in a report published on October 15, 2023. Additionally, Wedbush reaffirmed an “outperform” rating with a price target of $7.00 in a note released on October 31, 2023.
Among analysts, one has rated the stock as a Buy, four have assigned a Hold rating, and one has given it a Sell rating. According to data from MarketBeat.com, the consensus rating for Getty Images currently stands at “Hold,” with a projected price target of $4.03.
Recent Earnings Report and Insider Transactions
Getty Images reported its latest earnings results on November 10, 2023, revealing earnings per share (EPS) of $0.05, surpassing the consensus estimate of $0.04 by a margin of $0.01. The company generated revenue of $240.04 million, slightly exceeding analyst expectations of $239.98 million. However, the firm recorded a negative net margin of 9.60% and a negative return on equity of 11.38%, with revenue declining by 0.2% compared to the same quarter last year.
In related news, major shareholder Neuberger Berman Group LLC sold 3,470,917 shares on October 31, 2023, at an average price of $2.27, totaling approximately $7.88 million. Following this transaction, the firm holds 70,641,345 shares valued at around $160.36 million. This sale represents a 4.68% decrease in their ownership stake. Additionally, SVP Cho Mikael sold 25,555 shares on October 14, 2023, for a total value of $53,921.05.
In the last 90 days, insiders sold 3,663,340 shares, collectively valued at $8.28 million. Currently, insiders own 11.20% of the company’s stock.
Institutional Investor Activity
Institutional investors have also been active in altering their positions with Getty Images. Invenomic Capital Management LP acquired a new stake in the first quarter, investing approximately $4.65 million. JPMorgan Chase & Co. increased its stake by 43.8% in the second quarter, now owning 2,434,545 shares valued at about $4.04 million.
Millennium Management LLC significantly boosted its position by 1,202.9% during the third quarter, acquiring an additional 542,181 shares for a total of 587,254 shares valued at $1.16 million. Other notable institutional investments include new stakes from TIG Advisors LLC and Jane Street Group LLC.
As of now, hedge funds and institutional investors collectively own 45.75% of Getty Images’ stock, indicating a significant interest in the company by larger investment entities.
Founded in 1995 by Mark Getty and Jonathan Klein, Getty Images is recognized as a leading global provider of digital visual content. The company offers an extensive library of stock photography, editorial imagery, video footage, and music, catering to various sectors, including advertising, media, and publishing. Through its online platform and licensing services, Getty Images allows customers to search, license, and download multimedia content for both commercial and editorial use.
