SEATTLE—Grant Farhall, the Chief Product Officer of Getty Images Holdings, Inc. (NYSE:GETY), has recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Farhall sold 8,218 shares of Class A Common Stock on December 24, 2024. The shares were sold at a weighted average price of $2.20, resulting in a total transaction value of $18,079. The transaction comes as Getty Images, currently valued at $945 million, trades near its 52-week low of $2.10, having declined over 58% in the past year. InvestingPro analysis indicates the stock is currently trading below its Fair Value.
Following this sale, Farhall retains ownership of 251,615 shares in the company. The transaction was conducted as part of a non-discretionary sale to cover mandatory tax withholding obligations related to the vesting of restricted stock units, executed under a Rule 10b5-1 trading plan. With a healthy gross profit margin of 73% and positive earnings expected this year, Getty Images maintains stable fundamentals despite recent stock volatility. For comprehensive insider trading analysis and additional insights, InvestingPro subscribers can access the detailed Pro Research Report, available for over 1,400 US stocks.
The sale was executed in multiple trades with prices ranging from $2.17 to $2.26. Farhall has committed to providing detailed information about the transaction to the SEC, the company, or shareholders upon request.
In other recent news, Getty Images, the visual content leader, reported a 4.9% year-on-year revenue increase in its Third Quarter 2024 Earnings Call, totaling $240.5 million. The company's adjusted EBITDA was $80.6 million. Subscription and editorial revenues experienced significant growth, with subscriptions now accounting for over half of the total revenue. However, the company noted a decrease in creative revenue and a deficit in free cash flow.
In other developments, Getty Images has entered a strategic partnership with Clarifai, an AI development company. This collaboration will provide Clarifai's enterprise customers with access to AI-generated images through Getty Images' Generative AI technology. The partnership focuses on commercial safety, intellectual property respect, and customer confidence in using AI-generated visuals for commercial purposes.
Getty Images has raised its revenue guidance for 2024 to a range between $934 million and $943 million, with adjusted EBITDA expectations set between $292 million and $294 million. Despite facing challenges such as a decrease in creative revenue and free cash flow, these recent developments highlight Getty Images' commitment to strategic growth and debt reduction.
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