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

Getty Images Holdings, Inc. (NYSE:GETY) gapped down before the market opened 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 changing hands.

Analysts Set New Price Targets

Several research analysts recently commented on GETY shares. Wedbush reiterated an “outperform” rating and issued a $7.70 price target on shares of Getty Images in a research report on Tuesday. Benchmark reiterated a “buy” rating and set a $6.00 price objective on shares of Getty Images in a research report on Friday. Macquarie restated a “neutral” rating and issued a $3.75 target price on shares of Getty Images in a report on Wednesday. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Getty Images in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.61.

Getty Images Price Performance

The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.84. The company has a 50-day simple moving average of $2.87 and a 200 day simple moving average of $3.33. The company has a market cap of $1.08 billion, a P/E ratio of 21.92 and a beta of 1.93.

Insider Activity

In related news, major shareholder Neuberger Berman Group Llc sold 4,100,000 shares of Getty Images 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 sale, the insider now directly owns 74,175,262 shares in the company, valued at $182,471,144.52. The trade was a 5.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Chinh Chu sold 17,122 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $4.01, for a total transaction of $68,659.22. Following the completion of the sale, the director now directly owns 9,846,814 shares of the company’s stock, valued at approximately $39,485,724.14. This trade represents a 0.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,266,876 shares of company stock valued at $10,629,182. 12.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GETY. Principal Financial Group Inc. bought a new position in shares of Getty Images during the second quarter valued at approximately $44,000. Intech Investment Management LLC bought a new stake in Getty Images during the 3rd quarter valued at $44,000. Aigen Investment Management LP bought a new stake in Getty Images during the 3rd quarter valued at $48,000. Renaissance Technologies LLC purchased a new position in shares of Getty Images in the 2nd quarter valued at $91,000. Finally, Verition Fund Management LLC bought a new position in shares of Getty Images in the 3rd quarter worth $96,000. Hedge funds and other institutional investors 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.