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Spire (SPIR) Soars 20.3%: Is Further Upside Left in the Stock?
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Spire Global, Inc. (SPIR - Free Report) shares ended the last trading session 20.3% higher at $21.56. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 65.5% gain over the past four weeks.
Spire Global entered into a securities purchase agreement for a private placement that is expected to result in gross proceeds of nearly $70 million to the company before deducting placement agent fees and offering expenses.
The company plans to use the net proceeds mainly for general business needs and growth. This includes expanding in U.S. and global markets, improving sales and marketing, advancing its technology, and strengthening cybersecurity to support secure data and satellite operations.
This company is expected to post quarterly loss of $0.38 per share in its upcoming report, which represents a year-over-year change of +39.7%. Revenues are expected to be $15.07 million, down 36.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Spire, the consensus EPS estimate for the quarter has been revised 65.2% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SPIR going forward to see if this recent jump can turn into more strength down the road.
Spire is a member of the Zacks Aerospace - Defense industry. One other stock in the same industry, GE Aerospace (GE - Free Report) , finished the last trading session 1.5% lower at $308.35. GE has returned 2.1% over the past month.
GE's consensus EPS estimate for the upcoming report has changed +1.1% over the past month to $1.63. Compared to the company's year-ago EPS, this represents a change of +9.4%. GE currently boasts a Zacks Rank of #2 (Buy).
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Spire (SPIR) Soars 20.3%: Is Further Upside Left in the Stock?
Spire Global, Inc. (SPIR - Free Report) shares ended the last trading session 20.3% higher at $21.56. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 65.5% gain over the past four weeks.
Spire Global entered into a securities purchase agreement for a private placement that is expected to result in gross proceeds of nearly $70 million to the company before deducting placement agent fees and offering expenses.
The company plans to use the net proceeds mainly for general business needs and growth. This includes expanding in U.S. and global markets, improving sales and marketing, advancing its technology, and strengthening cybersecurity to support secure data and satellite operations.
This company is expected to post quarterly loss of $0.38 per share in its upcoming report, which represents a year-over-year change of +39.7%. Revenues are expected to be $15.07 million, down 36.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Spire, the consensus EPS estimate for the quarter has been revised 65.2% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SPIR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Spire is a member of the Zacks Aerospace - Defense industry. One other stock in the same industry, GE Aerospace (GE - Free Report) , finished the last trading session 1.5% lower at $308.35. GE has returned 2.1% over the past month.
GE's consensus EPS estimate for the upcoming report has changed +1.1% over the past month to $1.63. Compared to the company's year-ago EPS, this represents a change of +9.4%. GE currently boasts a Zacks Rank of #2 (Buy).