Shutterstock (NYSE:SSTK) Sets New 1-Year Low – Here’s Why

Shutterstock, Inc. (NYSE:SSTK) shares reached a new 52-week low during trading on Wednesday . The company traded as low as $9.43 and last traded at $9.9050, with a volume of 4089728 shares. The stock had previously closed at $13.95.

Analysts Set New Price Targets

SSTK has been the subject of a number of research analyst reports. Citigroup raised Shutterstock from a “neutral” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Friday, June 5th. Zacks Research lowered Shutterstock from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 11th. Weiss Ratings cut Shutterstock from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. Finally, Wall Street Zen downgraded Shutterstock from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $7.00.

Shutterstock Price Performance

The company has a 50-day moving average of $15.03 and a 200-day moving average of $16.77. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a market cap of $360.97 million, a price-to-earnings ratio of -16.94 and a beta of 1.06.

Shutterstock Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 14.7%. The ex-dividend date was Thursday, June 4th. Shutterstock’s dividend payout ratio is -248.28%.

Institutional Trading of Shutterstock

Several hedge funds have recently made changes to their positions in SSTK. Callodine Capital Management LP raised its holdings in Shutterstock by 86.0% during the third quarter. Callodine Capital Management LP now owns 768,705 shares of the business services provider’s stock worth $16,027,000 after purchasing an additional 355,478 shares in the last quarter. Union Square Park Capital Management LLC purchased a new stake in Shutterstock in the 4th quarter valued at approximately $2,101,000. Unison Advisors LLC acquired a new position in Shutterstock during the 4th quarter worth approximately $730,000. Empowered Funds LLC acquired a new position in Shutterstock during the 1st quarter worth approximately $180,000. Finally, Fifth Third Bancorp raised its stake in shares of Shutterstock by 865.9% during the 1st quarter. Fifth Third Bancorp now owns 6,346 shares of the business services provider’s stock worth $105,000 after buying an additional 5,689 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

About Shutterstock

Shutterstock, Inc (NYSE:SSTK) operates a leading global creative platform that provides royalty-free stock content to businesses, marketing agencies and media outlets. Its primary offerings include high-resolution photographs, vector graphics, illustrations, video footage and music tracks, all available through subscription plans or on-demand licensing. The platform also features customizable design tools and collaborative workspaces that enable customers to create and manage visual content more efficiently.

Founded in 2003 by Jon Oringer, Shutterstock began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets.