Chinh Chu, a director at Getty Images Holdings, Inc. (NYSE:GETY), has recently sold a notable amount of company stock, according to a new SEC filing. The transactions, which took place over two consecutive days, resulted in the sale of a total of $1,163,789 worth of Class A common stock.
On the first day, Chu sold 66,184 shares at a weighted average price of $4.0449, with individual sales prices ranging between $4.0000 and $4.1200. The following day, an additional 213,811 shares were sold at a weighted average price of $4.1910, with transactions occurring at prices from $4.0400 to $4.2900.
These sales were executed under a Rule 10b5-1 trading plan, which was adopted by CC Capital SP, LP on November 28, 2023. Rule 10b5-1 allows company insiders to set up a predetermined plan to sell company stocks, providing an affirmative defense against accusations of trading on non-public, material information.
Following the sales, Chu's indirectly held stake in the company, by way of CC Capital SP, LP, now amounts to 8,910,854 shares. It is important to note that Chu, through his control of CC Capital SP, LP, disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest.
Investors and followers of Getty Images Holdings, Inc. may consider these transactions as part of their overall assessment of the company's stock performance. The sales, which are public information, can be viewed in detail through the SEC's filing system.
InvestingPro Insights
As investors digest the recent stock sales by Getty Images Holdings, Inc. (NYSE:GETY) director Chinh Chu, it's worth considering the broader financial context of the company. According to real-time data from InvestingPro, GETY has a market capitalization of approximately $1.68 billion, with a P/E ratio standing at 86.25. Despite the high earnings multiple, the company's P/E ratio adjusted for the last twelve months as of Q4 2023 is significantly lower at 28.48, suggesting a more favorable earnings outlook in relation to its share price.
InvestingPro Tips indicate that analysts expect Getty Images' net income to grow this year, which could be a contributing factor to the lower adjusted P/E ratio. However, it's also important to note that two analysts have revised their earnings estimates downwards for the upcoming period, which may have implications for future stock performance.
The stock's volatility is reflected in its recent price movements, with a 6-month total return of -32.49% as of the date provided. This suggests that investors may need to brace for potential swings in the stock's value in the short term. Additionally, with the next earnings date slated for May 9, 2024, market participants will be closely watching for any signs of the anticipated profitability that analysts have predicted for the company.
For those looking to delve deeper into the financial health and future prospects of Getty Images Holdings, Inc., InvestingPro offers a wealth of additional tips—10 in total—which can be accessed at https://www.investing.com/pro/GETY. To enhance your investment research experience, use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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