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

Getty Images Holdings, Inc. (NYSE:GETY)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $3.19, but opened at $2.89. Getty Images shares last traded at $2.71, with a volume of 2,444,035 shares.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. restated an “underweight” rating on shares of Getty Images in a report on Wednesday, December 18th. Wedbush restated an “outperform” rating and issued a $7.70 target price on shares of Getty Images in a research note on Tuesday. Finally, Macquarie reaffirmed a “neutral” rating and set a $3.75 price target on shares of Getty Images in a research report on Wednesday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Getty Images has a consensus rating of “Hold” and an average price target of $5.61.

Getty Images Trading Down 18.2 %

The firm has a market cap of $1.07 billion, a PE ratio of 21.75 and a beta of 1.93. The company has a debt-to-equity ratio of 1.84, a current ratio of 0.79 and a quick ratio of 0.79. The stock’s fifty day simple moving average is $2.93 and its 200-day simple moving average is $3.34.

Insiders Place Their Bets

In related news, major shareholder Neuberger Berman Group Llc sold 4,100,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $2.46, for a total value of $10,086,000.00. Following the completion of the transaction, the insider now owns 74,175,262 shares of the company’s stock, valued at approximately $182,471,144.52. This represents a 5.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Chinh Chu sold 8,243 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $4.01, for a total value of $33,054.43. Following the completion of the sale, the director now directly owns 9,795,163 shares in the company, valued at approximately $39,278,603.63. The trade was a 0.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,266,876 shares of company stock valued at $10,629,182. 12.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Getty Images

A number of institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its position in shares of Getty Images by 46.3% in the third quarter. State Street Corp now owns 1,474,167 shares of the company’s stock valued at $5,617,000 after buying an additional 466,521 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Getty Images during the second quarter worth approximately $910,000. Rhumbline Advisers purchased a new stake in Getty Images in the 2nd quarter valued at $392,000. Geode Capital Management LLC increased its stake in shares of Getty Images by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,663,955 shares of the company’s stock worth $6,340,000 after acquiring an additional 88,533 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new position in shares of Getty Images during the 3rd quarter worth $221,000. Institutional investors and hedge funds own 45.75% of the company’s stock.

Getty Images Company Profile

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.