What's Going On With Shutterstock Stock Today?
Portfolio Pulse from Nabaparna Bhattacharya
Shutterstock, Inc. (NYSE:SSTK) shares are trading lower following the announcement of the departure of Chief Product and Digital Officer John Caine, effective August 2024. The company reaffirmed its 2024 guidance, projecting revenue growth and adjusted EPS below estimates. SSTK stock has declined over 22% in the past year.
August 22, 2024 | 6:01 pm
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NEGATIVE IMPACT
The Small Cap US Equity Select ETF (RNSC) provides exposure to Shutterstock, which is experiencing a decline due to executive changes and reaffirmed guidance with lower EPS estimates.
RNSC holds Shutterstock, which is facing a decline due to executive changes and guidance reaffirmation with lower EPS estimates. This could impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Shutterstock shares are down 4.38% following the announcement of Chief Product Officer John Caine's departure. The company reaffirmed its 2024 guidance, but adjusted EPS is below estimates. SSTK has lost over 22% in the past year.
The departure of a key executive can create uncertainty, leading to a negative market reaction. Despite reaffirming guidance, the adjusted EPS is below estimates, contributing to the stock's decline. The stock's 22% loss over the past year indicates ongoing challenges.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100