Theresa Condor, the Chief Operating Officer of Spire (NYSE:SR) Global, Inc. (NYSE:SPIR), has sold a portion of her shares in the company. According to a recent SEC filing, Condor sold 17,592 shares of Class A Common Stock on November 21, 2024, at an average price of $14.767 per share. This transaction amounted to a total of $259,781.
Following the sale, Condor holds 377,152 shares directly. Additionally, she and her spouse, Peter Platzer, share beneficial ownership of 1,891,703 shares indirectly. The sale was conducted to cover taxes associated with the settlement of stock units, as part of an automatic sale-to-cover instruction outlined in her award agreements.
In other recent news, Spire Global has experienced a series of significant developments. The company reported a 6% increase in Q1 2024 revenue, reaching $25.7 million, with Q2 projections between $29 million and $33 million. However, Spire Global has announced a restatement of its financial statements for fiscal years 2022 and 2023, and Q1 2024, expected to impact $10 million to $15 million in annual revenue.
Canaccord Genuity (TSX:CF) has maintained a Buy rating on Spire Global shares and increased the price target to $18, citing robust new contract bookings reaching a record high of approximately $40 million in Q3. Similarly, a Craig-Hallum analyst upgraded Spire Global shares from Hold to Buy and increased the price target to $20.00 following the announcement of a $241 million deal to sell a business unit.
Spire Global has sold its maritime business to Kpler for approximately $241 million, planning to use the proceeds to invest in expanding its data analytics and radio frequency geolocation solutions. In partnership with OroraTech, Spire Global is developing a space-based wildfire detection system.
The company has secured a contract from the National Oceanic and Atmospheric Administration valued at $3,832,500 for supplying radio occultation data for weather forecasting and climate research. These are among the recent developments for Spire Global.
InvestingPro Insights
Spire Global, Inc. (NYSE:SPIR) has been experiencing significant market momentum, as evidenced by the recent stock sale by COO Theresa Condor. This transaction aligns with several key insights from InvestingPro data and tips.
InvestingPro data shows that SPIR has seen impressive returns recently, with a 70.01% price total return over the past month and a staggering 213.05% return over the last year. This strong performance is reflected in the stock's current price, which stands at 82.37% of its 52-week high.
Despite these gains, InvestingPro Tips indicate that the stock's RSI suggests it may be in overbought territory, which could be a factor in Condor's decision to sell shares. Additionally, the tip highlighting that SPIR operates with a moderate level of debt provides context for the company's financial position.
It's worth noting that while SPIR boasts impressive gross profit margins of 58.39% for the last twelve months as of Q1 2024, the company is not yet profitable. This is underscored by an InvestingPro Tip stating that analysts do not anticipate the company will be profitable this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 15 additional tips for SPIR, providing a deeper understanding of the company's financial health and market position.
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