Shutterstock, Inc. (NYSE:SSTK) Short Interest Down 19.7% in August

Key Points

• Shutterstock's short interest decreased by 19.7% in August, falling from 1,570,000 shares to 1,260,000 shares, indicating a lower level of bearish sentiment among investors.
• The company announced a quarterly dividend of $0.33, with an annualized yield of 6.0%, as the stock continues to show financial sustainability.
• Despite reporting earnings per share of $1.19, which missed consensus estimates by $0.46, Shutterstock's revenue increased by 21.3% year-over-year, suggesting strong business growth.

Shutterstock, Inc. (NYSE:SSTK - Get Free Report) was the recipient of a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 1,260,000 shares, a drop of 19.7% from the August 15th total of 1,570,000 shares. Currently, 5.3% of the shares of the company are short sold. Based on an average daily volume of 264,900 shares, the days-to-cover ratio is presently 4.8 days. Based on an average daily volume of 264,900 shares, the days-to-cover ratio is presently 4.8 days. Currently, 5.3% of the shares of the company are short sold.

Shutterstock Price Performance

Shares of SSTK traded up $0.31 during mid-day trading on Thursday, hitting $21.85. The company's stock had a trading volume of 202,450 shares, compared to its average volume of 188,474. The firm has a 50-day moving average price of $20.39 and a 200 day moving average price of $18.92. The stock has a market capitalization of $775.02 million, a price-to-earnings ratio of 12.07 and a beta of 1.05. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.49 and a quick ratio of 0.49. Shutterstock has a fifty-two week low of $14.35 and a fifty-two week high of $38.80.

Shutterstock (NYSE:SSTK - Get Free Report) last released its earnings results on Tuesday, July 29th. The business services provider reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.46). The firm had revenue of $266.99 million during the quarter, compared to analysts' expectations of $248.27 million. Shutterstock had a return on equity of 18.42% and a net margin of 6.36%.The business's revenue was up 21.3% on a year-over-year basis. During the same period last year, the business earned $1.00 earnings per share. On average, research analysts predict that Shutterstock will post 3.12 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Thursday, September 4th. Shutterstock's dividend payout ratio (DPR) is 72.93%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Performa Ltd US LLC purchased a new position in shares of Shutterstock in the first quarter worth approximately $25,000. Versant Capital Management Inc boosted its holdings in shares of Shutterstock by 1,908.6% during the first quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider's stock worth $26,000 after purchasing an additional 1,336 shares during the period. HHM Wealth Advisors LLC acquired a new stake in shares of Shutterstock during the first quarter worth approximately $28,000. WealthCollab LLC boosted its holdings in shares of Shutterstock by 106.3% during the second quarter. WealthCollab LLC now owns 1,452 shares of the business services provider's stock worth $28,000 after purchasing an additional 748 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of Shutterstock by 10,268.8% during the second quarter. Signaturefd LLC now owns 1,659 shares of the business services provider's stock worth $31,000 after purchasing an additional 1,643 shares during the period. 82.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wall Street Zen cut shares of Shutterstock from a "buy" rating to a "hold" rating in a research note on Saturday, September 13th. Needham & Company LLC lowered their target price on shares of Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, June 2nd. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Shutterstock has a consensus rating of "Hold" and a consensus price target of $43.67.

About Shutterstock

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.

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