Why Is Getty Images (GETY) Stock Up 33% Today?
Getty Images (NYSE:GETY) stock is rising higher on Monday despite a lack of news concerning the company today.
Instead, it looks like speculative meme stock traders are behind the rise in price for GETY stock. Evidence of that includes the fact that more than 7 million shares have changed hands as of this writing. Without any news to speak of, this heavy trading is likely a sign of retail traders buying shares.
Companies that have been of interest to traders lately include those that went public through special purpose acquisition company (SPAC) mergers. Getty Images fits this description; its shares went public earlier this year via a SPAC.
Expert Opinion on Today’s Movement
Keith Lerner, Chief Market Strategist at Truist Advisory Services, provided the following insight on GETY stock today.
“The first thing you have to realize with these stocks is there’s no rhyme or reason […] They don’t trade based on the big macro trends normally. They trade on speculation and liquidity […] Stocks that can move up that much in one day on no news can move down just as quickly […] That’s the warning flag for investors.”
GETY stock is up 33.3% as of Monday afternoon but still down more than 26% since going public earlier this year.
Investors looking for more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Monday! Among that is what has shares of Perfect (NYSE:PERF) stock rising, the news sending Actinium Pharmaceuticals (NYSEMKT:ATNM) stock higher and why Paramount Global (NASDAQ:PARA) is sliding. You can find all of that at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.