Why Is Shutterstock (SSTK) Stock Soaring Today
What Happened?
Shares of stock photography and footage provider Shutterstock (NYSE:SSTK) jumped 13.3% in the afternoon session after the company reported a "beat and raise" quarter. Third-quarter results blew past analysts' revenue, EPS, and EBITDA expectations.
Looking ahead, full-year revenue and EPS guidance were both raised, which is always encouraging. Notably, the company completed the acquisition of Envato, which provides the opportunity to onboard more subscribers and accelerate topline growth; overall, this quarter was solid.
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What The Market Is Telling Us
Shutterstock’s shares are quite volatile and have had 17 moves greater than 5% over the last year. But moves this big are rare even for Shutterstock and indicate this news significantly impacted the market’s perception of the business.
Shutterstock is down 30.2% since the beginning of the year, and at $33.20 per share, it is trading 35.9% below its 52-week high of $51.79 from March 2024. Investors who bought $1,000 worth of Shutterstock’s shares 5 years ago would now be looking at an investment worth $855.07.
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