Getty Images Holdings, Inc. (NYSE:GETY) Senior Vice President Peter Orlowsky recently sold shares in the company, according to a new SEC filing. The transaction involved the sale of 4,237 shares of Class A Common Stock at a weighted average price of $3.61, amounting to a total value of $15,295.
The stock sale occurred on September 24, 2024, with prices ranging from $3.57 to $3.65 per share. Following this sale, Orlowsky's ownership in the company stands at 216,075 shares of Class A Common Stock. The sale was part of a non-discretionary transaction to cover mandatory tax withholding obligations connected to the vesting of restricted stock units, as outlined in a Rule 10b5-1 trading plan adopted in March of the previous year.
Investors often monitor insider transactions as they can provide insights into how executives view the stock's current valuation and future prospects. In this case, the sale was pre-planned and related to tax obligations, which is a common practice among corporate executives.
For those interested in tracking further insider transactions or the performance of Getty Images Holdings, Inc., the company trades on the New York Stock Exchange under the ticker symbol GETY.
In other recent news, Getty Images reported mixed Q2 results, with a slight revenue increase to $229.1 million, marking a 1.5% rise on a reported basis and 2.1% on a currency-neutral basis. However, the company faced a 5.4% decrease in adjusted EBITDA, which fell to $68.8 million. Growth was primarily driven by an increase in paid downloads and a rise in annual subscribers, now totaling 100,000. Despite challenges in the agency business and a slow recovery post-Hollywood strike, Getty Images predicts full-year revenue for 2024 to be between $924 million and $943 million, with adjusted EBITDA expected to fall between $290 million and $294 million.
In other developments, Getty Images has launched an updated Generative AI model in partnership with NVIDIA (NASDAQ:NVDA) and has collaborated with PixArt and Canva. Subscription revenue now represents 52.9% of total revenue. The company is focusing on driving annual subscriptions and has introduced a paid subscription for Unsplash, Unsplash+. Despite some headwinds, Getty Images' strategic initiatives and customer acquisition efforts are contributing to its resilience and gradual recovery from past challenges.
InvestingPro Insights
As Getty Images Holdings, Inc. (NYSE:GETY) navigates through its financial year, the company's stock performance and executive transactions remain a focal point for investors. A deeper dive into the company's financial metrics offers a clearer picture of its current standing and future prospects.
According to InvestingPro data, Getty Images has a market capitalization of approximately $1.54 billion, indicating its size and significance in the market. The company's P/E ratio stands at 40.53, which offers insights into investor expectations for earnings growth. However, when adjusted for the last twelve months as of Q2 2024, the P/E ratio is more favorable at 19.85, suggesting potential for near-term earnings growth. This is further supported by a low PEG ratio of 0.34 for the same period, which combines the P/E ratio with earnings growth rate to provide a more comprehensive evaluation of the company's value.
InvestingPro Tips highlight that Getty Images is expected to see net income growth this year, which aligns with the company's robust gross profit margin of 72.76% over the last twelve months as of Q2 2024. Additionally, analysts predict the company will be profitable this year, a sentiment that is reinforced by the company's strong return over the last three months, with a price total return of 20.97%. It's worth noting that two analysts have revised their earnings estimates downwards for the upcoming period, indicating that while the company's profitability is anticipated, there may be challenges ahead.
For investors seeking more detailed analysis and additional InvestingPro Tips, there are currently 9 more tips available on InvestingPro for Getty Images, which can be found at https://www.investing.com/pro/GETY. These tips can provide further guidance on the company's stock performance, financial health, and market position.
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