Getty Images (GETY) stock underwent a massive rally after the visual content creator and marketplace operator announced a licensing agreement with artificial intelligence (AI) company Perplexity. This is a global, multi-year licensing agreement that covers the presentation of content from Getty Images’ library across Perplexity’s AI-powered search and discovery tools.
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Getty Images’ agreement with Perplexity brings with it additional details around image use. This will provide users of Perplexity’s system with insight into how to properly use licensed imagery legally. That includes adding image credit to their work with a link back to the source.
Nick Unsworth, Vice President of Strategic Development at Getty Images, said, “This agreement paves the way for a productive and collaborative partnership between our companies, where we will work together to improve attribution of our contributors’ work and Getty Images’ high-quality creative and editorial content will enhance Perplexity’s platform.”
Getty Images Stock Movement Today
Getty Images stock was up 63.18% in pre-market trading on Friday, following a 2.42% drop yesterday. The stock has decreased 6.94% year-to-date and 50.74% over the past 12 months.
With the Perplexity licensing agreement came heavy trading of GETY stock. This saw more than 34 million shares traded this morning, compared to a three-month daily average of about 733,000 units.
It makes sense that GETY stock would rally and see increased trading volume on the Perplexity licensing agreement. The AI boom that started earlier this year is still underway, and companies that make deals with AI entities have seen major boons to their stocks.
Is Getty Images Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Getty Images is Moderate Buy, based on one Buy and two Hold ratings over the past three months. With that comes an average GETY stock price target of $4.43, representing a potential 120.4% upside for the shares.
