Getty Images Holdings, Inc. (NYSE:GETY) Senior Vice President Mikael Cho has sold a total of $27,839 worth of Class A Common Stock, according to a recent SEC filing. The transactions, which took place on June 25, 2024, involved sales at prices ranging from $3.07 to $3.34, with the weighted average sale price reported at $3.23.
The filing detailed two separate sell transactions by Cho. In the first, 5,744 shares were sold with a total value of $18,553. The second transaction involved the sale of 2,875 shares, which amounted to $9,286. Following these transactions, Cho's direct holdings in the company stand at 111,450 shares, with an additional 96,975 shares held indirectly by his spouse.
The sales were executed under a prearranged 10b5-1 trading plan, a tool often used by corporate insiders to sell shares at predetermined times to avoid accusations of trading on nonpublic information. Such plans are typically adopted to cover tax obligations related to the vesting of restricted stock units, as was the case for Cho's transactions.
Getty Images, known for its extensive catalog of images and media, is traded under the ticker symbol GETY and continues to be a significant player in the visual content industry. Investors and market watchers often keep a close eye on insider transactions as they can provide insights into the company's executive sentiment towards their own stock's performance.
The SEC filing was signed on behalf of Cho by Kjelti Kellough, acting as attorney in fact, on June 27, 2024.
In other recent news, Getty Images, a global leader in visual content, has faced mixed financial results in Q1. The company reported a 5.7% decrease in revenue year-on-year, standing at $222.3 million, and a 7.9% drop in adjusted EBITDA, amounting to just over $70.2 million. These outcomes are attributed to various macroeconomic challenges, including the residual impact of Hollywood strikes and pressure on the agency business.
On a positive note, Getty Images has renewed its partnership with Condé Nast, making over 25,000 images from Condé Nast's repertoire accessible to Getty Images' global clientele. Moreover, Getty Images has also partnered with FILMPAC to offer its new lifestyle catalog on Getty Images' platform, intending to provide customers with access to cinema-quality scenes and clips.
Despite the challenges, Getty Images has highlighted some key developments, such as the acquisition of Motorsport Images and renewals with key partners like Bloomberg and the English Football Association. The company's expansion of its generative AI offerings also marks a significant stride. These are recent developments that have unfolded in the company's journey.
InvestingPro Insights
Following the recent insider transactions at Getty Images Holdings, Inc. (NYSE:GETY), investors may be evaluating the company's financial health and market position. According to InvestingPro data, Getty Images has a market capitalization of roughly $1.29 billion, with a forward-looking P/E ratio of 17.88, which suggests a more reasonable valuation relative to the company's earnings over the last twelve months as of Q1 2024. Additionally, the company's PEG ratio, which measures the price of a stock to its earnings growth rate, stands at 0.37, indicating potential undervaluation based on expected earnings growth.
Despite a challenging environment with revenue contraction of nearly 3% over the last twelve months, Getty Images maintains a strong gross profit margin of 72.63%. This robust margin underscores the company's ability to retain a significant portion of its revenue as gross profit, which is a positive indicator of its pricing power and cost management.
InvestingPro Tips for Getty Images highlight that analysts are optimistic about the company's profitability, projecting net income growth for the current year. Furthermore, while Getty Images does not pay dividends, the company is trading at a low P/E ratio relative to near-term earnings growth, which may appeal to growth-focused investors. It's noteworthy that the stock has experienced significant volatility and a substantial price drop over the last three to six months, which could offer a buying opportunity for those who believe in the company's fundamentals and long-term prospects.
For those looking to delve deeper into Getty Images' financials and stock performance, InvestingPro offers additional tips that could guide investment decisions. There are currently 9 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/GETY. To enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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