- The stock price of Spire Global Inc (NYSE: SPIR) increased by over 25% during intraday trading today. This is why it happened.
The stock price of Spire Global Inc (NYSE: SPIR) increased by over 25% during intraday trading today. There is no company-specific news driving up the stock price so it appears there are external factors at play.
Spire Global is a company that provides space-based data, analytics, and space services globally. And it offers access to datasets and insights about Earth enabling organizations to make decisions. The company collects data related to aviation, weather, maritime, and Earth intelligence.
There is likely a couple of catalysts driving up the stock price. The Motley Fool pointed out that this could be a relief rally from a major sell-off from yesterday. And the company had announced it acquired a space company exactEarth last week, which is another catalyst for the company.
But there could also be a sympathy play associated with SpaceX. Earlier this week, the SpaceX Dragon and Inspiration4 crew safely splashed down off the coast of Florida on Saturday after completing the first multi-day low Earth orbit mission after a three-day mission.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.