Spire Global (NYSE:SPIR) Price Target Cut to $21.50 by Analysts at Canaccord Genuity Group

Spire Global (NYSE:SPIR) had its price objective dropped by investment analysts at Canaccord Genuity Group from $22.50 to $21.50 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target would suggest a potential upside of 131.81% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Benchmark reiterated a “buy” rating on shares of Spire Global in a research note on Monday, August 3rd. Stifel Nicolaus cut their target price on shares of Spire Global from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday. Weiss Ratings cut shares of Spire Global from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday. Wall Street Zen upgraded shares of Spire Global from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Alliance Global Partners raised Spire Global from a “neutral” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Tuesday, October 13th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.90.

Spire Global Trading Down 7.0%

Shares of SPIR stock opened at $9.28 on Friday. Spire Global has a 12 month low of $6.60 and a 12 month high of $25.93. The business’s 50 day moving average is $10.33 and its two-hundred day moving average is $13.62.

Spire Global (NYSE:SPIR) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.05). The firm had revenue of $18.05 million during the quarter, compared to analyst estimates of $18.53 million. Spire Global had a negative return on equity of 53.56% and a negative net margin of 134.64%. As a group, research analysts forecast that Spire Global will post -1.50 EPS for the current year.

Insider Activity at Spire Global

In other news, CEO Theresa Condor sold 22,502 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $14.09, for a total value of $317,053.18. Following the sale, the chief executive officer owned 948,686 shares in the company, valued at approximately $13,366,985.74. This trade represents a 2.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Perez Pelez sold 4,484 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $14.09, for a total transaction of $63,179.56. Following the transaction, the chief operating officer directly owned 258,632 shares in the company, valued at $3,644,124.88. This trade represents a 1.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 75,301 shares of company stock valued at $1,005,333. 13.04% of the stock is owned by corporate insiders.

Institutional Trading of Spire Global

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AWM Investment Company Inc. bought a new position in shares of Spire Global during the 2nd quarter worth about $7,692,000. Royce & Associates LP lifted its stake in shares of Spire Global by 26.7% in the third quarter. Royce & Associates LP now owns 823,900 shares of the company’s stock valued at $9,211,000 after buying an additional 173,470 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Spire Global in the second quarter valued at about $1,737,000. Vontobel Holding Ltd. grew its position in Spire Global by 43.0% during the third quarter. Vontobel Holding Ltd. now owns 298,080 shares of the company’s stock worth $3,333,000 after buying an additional 89,622 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Spire Global by 27.1% during the first quarter. Bank of America Corp DE now owns 76,101 shares of the company’s stock valued at $957,000 after acquiring an additional 16,227 shares during the period. 19.97% of the stock is currently owned by institutional investors and hedge funds.

Spire Global Company Profile

Spire Global is a space-based data and analytics company that operates a constellation of small satellites in low Earth orbit. The satellites collect signals and atmospheric measurements that Spire processes into information products for commercial and government customers. The company’s services include weather data and forecasting support, aviation tracking and analytics, and satellite and data services for organizations seeking to develop or operate space-based capabilities. Its products are designed to help customers monitor conditions and activity around the world.