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

Key Points

• Canaccord Genuity lowered its price target on Spire Global from $22.50 to $21.50 but maintained a Buy rating; the new target implies 131.81% upside from the prior close.
• Analyst views are mostly positive overall: five analysts rate the stock Buy and one rates it Sell, for a MarketBeat consensus of Moderate Buy and an average target of $16.90.
• Spire Global’s latest quarter missed expectations, reporting a loss of $0.31 per share versus the $0.26 expected and revenue of $18.05 million versus $18.53 million expected.

Spire Global (NYSE:SPIR - Get Free Report) had its target price lowered by equities research analysts at Canaccord Genuity Group from $22.50 to $21.50 in a research note issued on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 131.81% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. Stifel Nicolaus decreased 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 note on Wednesday. Benchmark restated a "buy" rating on shares of Spire Global in a report on Monday, August 3rd. Weiss Ratings downgraded shares of Spire Global from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday. Wall Street Zen upgraded Spire Global from a "strong sell" rating to a "sell" rating in a report on Saturday, August 15th. Finally, Alliance Global Partners upgraded Spire Global from a "neutral" rating to a "buy" rating and set a $15.00 price objective for the company in a report on Tuesday, October 13th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $16.90.

Spire Global Trading Down 7.0%

Shares of SPIR opened at $9.28 on Friday. The business's 50-day moving average is $10.33 and its 200-day moving average is $13.62. Spire Global has a fifty-two week low of $6.60 and a fifty-two week high of $25.93.

Spire Global (NYSE:SPIR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.05). The company had revenue of $18.05 million for the quarter, compared to analysts' expectations of $18.53 million. Spire Global had a negative net margin of 134.64% and a negative return on equity of 53.56%. Sell-side analysts predict that Spire Global will post -1.50 EPS for the current fiscal year.

Insider Transactions at Spire Global

In related news, CFO Alison Engel sold 4,286 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $14.09, for a total transaction of $60,389.74. Following the transaction, the chief financial officer owned 261,552 shares of the company's stock, valued at approximately $3,685,267.68. This trade represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Chairman Peter Platzer sold 17,954 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $11.02, for a total transaction of $197,853.08. Following the transaction, the chairman directly owned 1,455,514 shares in the company, valued at approximately $16,039,764.28. The trade was a 1.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 75,301 shares of company stock valued at $1,005,333 in the last ninety days. 13.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC bought a new stake in Spire Global in the third quarter worth $32,000. Aberdeen Group plc bought a new position in Spire Global during the third quarter valued at about $47,000. Integrated Wealth Concepts LLC bought a new position in Spire Global during the second quarter valued at about $184,000. Parvin Asset Management LLC raised its holdings in Spire Global by 11.4% during the first quarter. Parvin Asset Management LLC now owns 11,725 shares of the company's stock valued at $148,000 after buying an additional 1,200 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Spire Global by 27.1% in the first quarter. Bank of America Corp DE now owns 76,101 shares of the company's stock worth $957,000 after buying an additional 16,227 shares during the last quarter. Institutional investors own 19.97% of the company's stock.

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.

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