Spire Global (NYSE:SPIR) stock is on the rise Tuesday despite a lack of news from the space satellite company today.
So why are shares of SPIR stock heading higher today? Let’s jump into that below!
- It likely has less to do with the company itself and more to do with yesterday’s mini stock market crash.
- Investors sold off shares amid a turbulent market on Monday and that pulled several stocks lower.
- SPIR stock was among these as its shares took a roughly 4% beating during trading yesterday.
- Now that the panic is over, traders appear to be buying back positions in companies, which has many others rising alongside Spire Global today.
- Backing up this idea is the heavy trading that SPIR stock is experiencing today.
- As of this writing, more than 9 million shares of the stock have been traded.
- That’s a massive surge compared to the company’s daily average trading volume of only about 457,000 shares.
- There’s another possible reason that investors are taking interest in SPIR stock today.
- The company announced last week plans to acquire exactEarth.
- It’s using a mix of cash and stock to purchase the company for $161.2 million.
- It’s also possible that some investors are taking advantage of yesterday’s dip to enter SPIR stock ahead of this acquisition closing.
- The stock’s price has been between the $10 and $15 range lately with a consensus buy rating and $17 price target.
SPIR stock was up 17.4% as of Tuesday afternoon.
There’s more stock market news that traders will want to know about below!
InvestorPlace has all the latest stock coverage that you need to know about for Monday. That includes what’s happening with Solid Biosciences (NASDAQ:SLDB), Luckin Coffee (OTCMKTS:LKNCY), and Universal Music Group (AMS:UMG) shares today. You can get all those details at the following links!
More Stock Market News for Tuesday
- SLDB Stock Alert: Dear Solid Biosciences Investors, Mark Your Calendar for Sept. 23!
- LKNCY Stock: Why Luckin Coffee Shares Are Heating Up Today
- Universal Music Group IPO: 8 Things for Potential UMG Stock Investors to Know as Shares Debut
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.