Getty Images (NYSE:GETY) Shares Gap Down Following Weak Earnings

Key Points

• Getty Images Holdings, Inc. reported a weaker than expected earnings per share (EPS) of ($0.08), missing estimates of $0.03 by ($0.11).
• Following the earnings announcement, analysts have downgraded Getty Images, with notable firms setting new price targets, including Benchmark's $3.50 and Citigroup's revised target of $1.85.
• CEO Craig Warren Peters sold 33,262 shares at an average price of $1.77, resulting in a 2.53% decrease in his ownership of Getty Images stock.

Getty Images Holdings, Inc. (NYSE:GETY - Get Free Report) gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $1.71, but opened at $1.61. Getty Images shares last traded at $1.69, with a volume of 304,893 shares changing hands.

The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.11). The business had revenue of $234.88 million for the quarter, compared to the consensus estimate of $234.77 million. Getty Images had a negative net margin of 8.13% and a negative return on equity of 8.87%. The company's revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.01 earnings per share.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Benchmark downgraded Getty Images from a "buy" rating to a "hold" rating and set a $3.50 price target on the stock. in a report on Tuesday. Citigroup reissued a "neutral" rating and issued a $1.85 target price (down previously from $2.05) on shares of Getty Images in a report on Tuesday. Wall Street Zen cut Getty Images from a "buy" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Wedbush dropped their target price on Getty Images from $7.70 to $7.00 and set an "outperform" rating on the stock in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Getty Images presently has a consensus rating of "Hold" and a consensus price target of $4.03.

Insider Transactions at Getty Images

In other Getty Images news, CEO Craig Warren Peters sold 33,262 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $1.77, for a total value of $58,873.74. Following the completion of the sale, the chief executive officer owned 1,279,686 shares in the company, valued at $2,265,044.22. This represents a 2.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold 80,010 shares of company stock valued at $141,618 over the last 90 days. Company insiders own 11.20% of the company's stock.

Institutional Trading of Getty Images

Several institutional investors have recently made changes to their positions in GETY. Koch Inc. purchased a new stake in shares of Getty Images during the 4th quarter worth approximately $174,385,000. Wells Fargo & Company MN raised its holdings in shares of Getty Images by 47.8% during the 4th quarter. Wells Fargo & Company MN now owns 49,378 shares of the company's stock worth $107,000 after acquiring an additional 15,978 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Getty Images by 24.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 64,007 shares of the company's stock worth $138,000 after acquiring an additional 12,542 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of 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, Toronto Dominion Bank purchased a new position in shares of Getty Images in the 4th quarter worth approximately $3,553,000. Hedge funds and other institutional investors own 45.75% of the company's stock.

Getty Images Trading Down 3.2%

The stock has a market cap of $686.51 million, a PE ratio of -8.71 and a beta of 1.87. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a fifty day moving average price of $1.77 and a 200 day moving average price of $1.94.

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.

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