Short Interest in Shutterstock, Inc. (NYSE:SSTK) Drops By 19.7%

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 target of a large decrease in short interest in the month of August. As of August 31st, there was short interest totaling 1,260,000 shares, a decrease of 19.7% from the August 15th total of 1,570,000 shares. Approximately 5.3% of the shares of the company are short sold. Based on an average daily trading volume, of 264,900 shares, the short-interest ratio is presently 4.8 days. Based on an average daily trading volume, of 264,900 shares, the short-interest ratio is presently 4.8 days. Approximately 5.3% of the shares of the company are short sold.

Shutterstock Stock Performance

SSTK traded down $0.57 on Monday, hitting $21.14. 176,216 shares of the stock traded hands, compared to its average volume of 208,348. The business has a fifty day moving average price of $20.48 and a two-hundred day moving average price of $18.91. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $749.80 million, a PE ratio of 11.68 and a beta of 1.05. Shutterstock has a 52 week low of $14.35 and a 52 week high of $38.80.

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

Shutterstock Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 6.2%. The ex-dividend date was Thursday, September 4th. Shutterstock's payout ratio is 72.93%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SSTK shares. Wall Street Zen lowered shares of Shutterstock from a "buy" rating to a "hold" rating in a research report on Saturday, September 13th. Needham & Company LLC decreased their target price on Shutterstock from $30.00 to $25.00 and set a "buy" rating for the company 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's stock. Based on data from MarketBeat.com, Shutterstock currently has an average rating of "Hold" and an average target price of $43.67.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Performa Ltd US LLC acquired a new stake in Shutterstock during the first quarter valued at approximately $25,000. Versant Capital Management Inc lifted its position in shares of Shutterstock by 1,908.6% during the 1st quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider's stock worth $26,000 after buying an additional 1,336 shares during the period. HHM Wealth Advisors LLC acquired a new stake in Shutterstock in the 1st quarter valued at $28,000. WealthCollab LLC grew its position in Shutterstock by 106.3% in the second quarter. WealthCollab LLC now owns 1,452 shares of the business services provider's stock valued at $28,000 after acquiring an additional 748 shares during the period. Finally, Signaturefd LLC grew its position in Shutterstock by 10,268.8% in the second quarter. Signaturefd LLC now owns 1,659 shares of the business services provider's stock valued at $31,000 after acquiring an additional 1,643 shares during the period. Institutional investors and hedge funds own 82.79% of the company's stock.

Shutterstock Company Profile

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.