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Boyd C. Johnson, the Chief Legal Officer, Chief Accounting Officer, and Corporate Secretary of Spire (NYSE:SR) Global, Inc. (NYSE:SPIR), a company currently valued at $274 million with impressive gross profit margins of 58%, recently sold a significant portion of his holdings in the company. According to InvestingPro analysis, the stock has shown significant volatility, with a 39% gain over the past six months despite recent pullbacks. According to a regulatory filing, Johnson sold 11,304 shares of the company’s Class A common stock on February 21, 2025, at an average price of $11.268 per share. This transaction amounted to a total value of approximately $127,373.
Following this sale, Johnson retains ownership of 300,304 shares directly. Additionally, he holds 85 shares indirectly as a custodian for his daughter under the Uniform Transfers to Minors Act (UTMA). The shares were sold to cover taxes associated with the settlement of stock units under a pre-arranged trading plan, as noted in the filing.
In other recent news, Spire Global reported a 13% year-over-year increase in revenue for the fourth quarter of 2024, demonstrating strong demand for its software solutions. Despite this revenue growth, the company is facing financial challenges, leading Canaccord Genuity to lower its price target for Spire Global shares from $24.00 to $11.50, while maintaining a Buy rating. The revision reflects concerns over Spire Global’s need to raise additional capital and the uncertain outcome of its planned Maritime business sale to Kpler. Additionally, Spire Global has been granted an extension by the New York Stock Exchange until April 15, 2025, to file its overdue quarterly financial reports for the quarters ending June 30 and September 30, 2024. The NYSE has indicated that failure to make satisfactory progress could result in a suspension of trading of the company’s stock. Furthermore, analysts have adjusted Spire Global’s enterprise value/revenue multiple downward, considering the immediate risks to its operations. These developments highlight the company’s ongoing financial and operational challenges amid its strategic efforts to secure its financial standing.
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