Short Squeeze Goes To Moon And Back In A Day. Why Getty Images Dropped Double Digits Today
Getty Images Holdings, Inc (NYSE: GETY) filed a prospectus with the SEC for a possible sale of 401 million Class A common stock plus warrants to buy up to 25 million Class A common stock.
On September 15, Getty shares traded higher despite company-specific news to justify the price action. It rose 25.7% to settle at $13.35.
Getty Images stock is a playground for the short-sellers. Temporary shot-squeeze in the stock led to a jump yesterday.
As of yesterday, GETY has 107.9% short interest, mainly because more shares were about to hit the market today.
As of September 12, data showed that 88.1% of the float short and a cost to borrow of 955.6% were among the highest for the week.
The shares jumped on September 7 as Getty renewed its partnership with Amazon.com, Inc (NASDAQ: AMZN), integrated into Amazon's Alexa services and products and its Fire TV software stack.
Price Action: GETY shares traded lower by 27% at $9.75 on the last check Friday.
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