Spire Global (NYSE:SPIR) Price Target Cut to $20.00 by Analysts at Stifel Nicolaus

Spire Global (NYSE:SPIR) had its price objective decreased by Stifel Nicolaus from $24.00 to $20.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus‘s price objective indicates a potential upside of 113.84% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Wall Street Zen raised shares of Spire Global from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Alliance Global Partners upgraded Spire Global from a “neutral” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Tuesday, October 13th. Benchmark reaffirmed a “buy” rating on shares of Spire Global in a research report on Monday, August 3rd. Finally, Weiss Ratings downgraded Spire Global from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday. Five 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, Spire Global presently has a consensus rating of “Moderate Buy” and an average price target of $17.10.

Spire Global Stock Down 1.1%

SPIR stock opened at $9.35 on Wednesday. The firm has a 50 day moving average of $10.42 and a 200 day moving average of $13.65. The stock has a market capitalization of $365.89 million, a PE ratio of -3.50 and a beta of 3.19. Spire Global has a 52 week low of $6.60 and a 52 week high of $25.93.

Spire Global (NYSE:SPIR) last issued its quarterly 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 145.22% and a negative return on equity of 54.03%. The company had revenue of $18.05 million for the quarter, compared to analyst estimates of $18.53 million. On average, equities research analysts expect that Spire Global will post -1.50 earnings per share for the current year.

Insider Activity

In other Spire Global news, COO Perez Pelez sold 4,484 shares of the company’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 $63,179.56. Following the sale, the chief operating officer directly owned 258,632 shares of the company’s stock, valued at approximately $3,644,124.88. This represents a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Stephen Messer sold 17,986 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $14.06, for a total value of $252,883.16. Following the sale, the director directly owned 83,667 shares in the company, valued at $1,176,358.02. This represents a 17.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 75,301 shares of company stock valued at $1,005,333 over the last quarter. Insiders own 13.04% of the company’s stock.

Institutional Trading of Spire Global

Hedge funds have recently modified their holdings of the stock. AWM Investment Company Inc. purchased a new position in Spire Global during the second quarter valued at approximately $7,692,000. Royce & Associates LP boosted its position in Spire Global by 26.7% in the 3rd quarter. Royce & Associates LP now owns 823,900 shares of the company’s stock worth $9,211,000 after purchasing an additional 173,470 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Spire Global in the 2nd quarter worth approximately $1,737,000. Vontobel Holding Ltd. grew its stake in shares of Spire Global by 43.0% during the 3rd quarter. Vontobel Holding Ltd. now owns 298,080 shares of the company’s stock worth $3,333,000 after purchasing an additional 89,622 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Spire Global by 27.1% during the 1st quarter. Bank of America Corp DE now owns 76,101 shares of the company’s stock worth $957,000 after purchasing an additional 16,227 shares during the period. Hedge funds and other institutional investors own 19.97% of the company’s stock.

About Spire Global

Spire Global, Inc. (NYSE:SPIR) is a space-based data and analytics company that develops, owns and operates a constellation of small satellites and related ground infrastructure. The company collects data from space and delivers it through cloud-based platforms, helping organizations monitor conditions and activity across the atmosphere, oceans and global communications environment. Spire’s products and services include weather and climate data derived from satellite observations and GNSS radio occultation, maritime intelligence based on automatic identification system data, aviation information, and radio-frequency analytics.