Getty Images exec sells more than $29k in company stock via Investing.com
Kjelti Wilkes, General Counsel of Getty Images Holdings, Inc. (NYSE:GETY), sold 8,070 shares of the company's Class A Common Stock, according to its most recent SEC filing. The transaction, which took place on September 24, 2024, totaled $29,132, the shares were sold at an average price of $3.61. Sales were made in multiple trades at prices ranging from $3.57 to $3.65.
The filing indicates that the shares were sold as part of an unrestricted plan to cover mandatory withholding obligations associated with the issuance of restricted stock units. This plan was established pursuant to Rule 10b5-1 of the trading plan adopted on March 16, 2023.
Following this transaction, Wilkes now owns a large number of shares in the company, with 258,630 shares of Getty Images Holdings, Inc. left to him. These stock sales represent a common financial move that is often seen among corporate executives, allowing them to diversify their investment portfolios while managing tax liabilities.
Investors and market watchers often look to insiders as they can provide insight into an executive's view of a company's prospects. However, it is important to note that internal sales can be motivated by various factors and does not necessarily mean a lack of confidence in the company.
Getty Images Holdings, Inc. is known for its extensive catalog of graphics and multimedia products, serving businesses and consumers worldwide. The company's shares are publicly traded on the New York Stock Exchange under the ticker symbol GETY.
In other recent news, visual content provider Getty Images reported a slight increase in Q2 2024 revenue to $229.1 million, up 1.5%, and adjusted EBITDA of $68.8 million, down 5.4% from figures past. The company's growth has been driven primarily by increased paid downloads and an increase in annual subscribers, which now stand at 100,000. However, challenges remain in the agency business and the slow recovery following the Hollywood strike. The company expects full-year 2024 revenue to be between $924 million and $943 million, and adjusted EBITDA is expected to be between $290 million and $294 million. Getty Images also introduced an updated Generative AI model in partnership with NVIDIA (NASDAQ:) and partnered with PixArt and Canva. Subscription revenue now accounts for 52.9% of total revenue. These are the latest developments from leading company calls and other sources.
InvestingPro Insights
As Getty Images Holdings, Inc. (NYSE:GETY) is moving around the market, the latest data from InvestingPro provides an overview of the company's financial health and stock performance. With a market capitalization of $1.54 billion, GETY trades at a leading P/E ratio of 19.85, suggesting the stock is attractively valued relative to its near-term earnings growth potential. This is consistent with one of InvestingPro's tips showing that GETY is trading at a low P/E ratio relative to its expected growth.
The company's shares have shown great resilience, with a solid return of 20.97% over the past three months. This performance is noteworthy for investors considering the volatility of stocks and short-term markets. Another InvestingPro tip worth mentioning is that analysts are predicting that Getty Images will be profitable this year, which could bolster investor confidence in the company's ability to generate revenue.
Looking at performance metrics, Getty Images maintained a gross profit margin of 72.76% for the last twelve months from Q2 2024, which shows the company's efficiency in controlling its cost of goods sold relative to revenue. It is also important to note that the company has not yet paid dividends, which could mean that it is focusing on reinvesting the earnings back into the business to drive future growth.
For those looking for more information, InvestingPro offers additional tips on Getty Images Holdings, Inc., which can be found at InvestingPro GETY.
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