Spire Global (NYSE:SPIR) Stock Price Target Cut by Canaccord Genuity Group

Spire Global (NYSE:SPIR) had its price objective cut by equities researchers at Canaccord Genuity Group from $22.50 to $21.50 in a research report issued on Friday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target suggests a potential upside of 133.70% from the stock’s previous close.

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

Spire Global Trading Down 0.9%

SPIR stock traded down $0.08 during midday trading on Friday, reaching $9.20. The company had a trading volume of 419,400 shares, compared to its average volume of 501,188. Spire Global has a 1 year low of $6.60 and a 1 year high of $25.93. The company has a market capitalization of $361.19 million, a P/E ratio of -3.57 and a beta of 3.19. The company has a 50 day moving average of $10.27 and a two-hundred day moving average of $13.60.

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

Insider Buying and Selling

In other news, Director Stephen Messer sold 17,986 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $14.06, for a total transaction of $252,883.16. Following the transaction, the director owned 83,667 shares in the company, valued at $1,176,358.02. This represents a 17.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Peter Platzer sold 17,954 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $11.02, for a total transaction of $197,853.08. Following the transaction, the chairman owned 1,455,514 shares in the company, valued at approximately $16,039,764.28. This trade represents a 1.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 75,601 shares of company stock valued at $1,008,333. 13.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Spire Global

Several hedge funds have recently bought and sold shares of the business. Parvin Asset Management LLC raised its stake in shares of Spire Global by 11.4% in the 1st quarter. Parvin Asset Management LLC now owns 11,725 shares of the company’s stock valued at $148,000 after acquiring an additional 1,200 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in Spire Global in the 3rd quarter worth approximately $32,000. Aberdeen Group plc bought a new stake in Spire Global during the third quarter worth approximately $47,000. Royal Bank of Canada boosted its position in Spire Global by 9.9% during the first quarter. Royal Bank of Canada now owns 78,641 shares of the company’s stock worth $989,000 after purchasing an additional 7,113 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in Spire Global during the second quarter worth approximately $184,000. 19.97% of the stock is owned by institutional investors and hedge funds.

About Spire Global

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.