Despite the generally disappointing figures released by the industry leader last week, Getty Images’ stock was trading above its 13-day moving average last Friday. Figures from Yahoo Finance showed GYI trading in the range of $28.68 to $31.47. The stock was approximately 7% up from the previous day's closing figures.
Financial analysts say the improvement is largely due to third-quarter profits beating estimates. These were sharply reduced after Getty’s report of second-quarter profits and its subsequent announcement of the $49 Web-use license, seen by many outside the industry as a price cut, not a new product.
The 25-year-old Arizona-based brokerage house Scottsdale Securities advises that the GYI performance is a sign of a bullish trend. “There is added weight to this indication, because the moving average is rising and suggests that there has been buying interest in this stock,†said the brokerage.