Microvast Holdings announces departure of chief financial officer
Michael Teaster, Chief of Staff at Getty Images Holdings, Inc. (NYSE:GETY), recently sold shares of the company, according to a regulatory filing. The transaction comes as the stock trades near its 52-week low of $1.90, having declined over 53% in the past year. On March 25, Teaster sold 4,918 shares of Getty Images’ Class A common stock, generating a total of $10,426. The shares were sold at a weighted average price of $2.12, with transactions executed at prices ranging from $2.06 to $2.21.
Following the transaction, Teaster retains ownership of 242,627 shares in the company. The sale was conducted to cover mandatory tax withholding obligations related to the vesting and settlement of restricted stock units and performance restricted stock units, as part of a pre-established trading plan. The company, with a market capitalization of $792 million, maintains a healthy gross profit margin of 73%.
In other recent news, Getty Images Holdings Inc. reported strong financial results for the fourth quarter of 2024, with revenue reaching $247.3 million, surpassing the forecast of $245.49 million. The company’s adjusted EBITDA increased by 11.7%, reflecting robust financial performance. Meanwhile, Citi analysts resumed coverage of Getty Images with a Neutral rating and set a price target of $2.45, noting challenges in agency revenues but highlighting the potential benefits of an upcoming merger with Shutterstock (NYSE:SSTK). The merger, expected to be completed in the second half of 2025, could lead to significant cost savings and a strategic shift towards subscription models. Benchmark analysts adjusted their financial outlook for Getty Images, reducing the price target from $6.00 to $4.50, while maintaining a Buy rating. This revision was influenced by Getty’s fourth-quarter revenue performance, which surpassed Benchmark’s projections. JMP analysts maintained a Market Outperform rating for Getty Images, with a $34.00 price target, citing the company’s strong earnings growth and revenue diversification. These developments highlight the dynamic financial landscape surrounding Getty Images as it navigates both opportunities and challenges.
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