tiprankstipranks
Why Did Shutterstock Nosedive 10.8% on Tuesday?
Market News

Why Did Shutterstock Nosedive 10.8% on Tuesday?

Stan Pavlovsky, the CEO of licensed content provider Shutterstock, Inc. (NYSE: SSTK), has resigned, effective May 3, to pursue other business opportunities. He has also stepped down from the company’s board.

Following the release of the news on Tuesday, SSTK stock lost 10.8% to close at $68.82.

Jonathan Oringer has been named the Interim CEO. Oringer has been the Executive Chairman of Shutterstock’s board since April 2020. Before becoming the Executive Chairman, he was the company’s CEO.

Meanwhile, the company has reaffirmed the full-year 2022 guidance that it had announced along with the first-quarter results.

About Shutterstock

Based out of New York, Shutterstock is engaged in the operation of a marketplace for licensed content. The firm licenses images, videos, music, editorial assets, and custom content tailored to a brand’s needs.

It has a library of around 200 million royalty-free stock photos, vector graphics, and illustrations, along with around 10 million video clips and music tracks available for licensing.

Stock Rating

Based on three Buys, Shutterstock has a Strong Buy consensus rating. SSTK’s average price target of $106 implies 54% upside potential from current levels. Shares have lost 43% over the past six months.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Shutterstock’s performance.

According to the tool, Shutterstock’s website traffic registered a 31.3% rise in global visits in March, compared to February. Further, the footfall on the company’s website has grown 59.2% year-to-date against the same period last year.

Learn more about the Website Traffic tool in this video by Youtube sensation Tom Nash. 

Read full Disclaimer & Disclosure

Related News:
What Caused Zebra to Lose 3% Despite Upbeat Q1 Results?
Is Pfizer Stock worth Considering Post Upbeat Q1 Results?
Do Investors Crave for Shares of a Private Twitter?

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles