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Why Spire Global Stock Rocketed 28% Today

·2 min read
Why Spire Global Stock Rocketed 28% Today

Shares of stocks of all stripes got hit hard in yesterday's broad-based S&P 500 sell-off -- but few got hit quite as hard as recent SPAC offering turned certified space stock Spire Global (NYSE: SPIR), which fell 5.6% in Monday's trading. Now here's the good: On Tuesday, Spire stock is bouncing back in a big way, up 28.3%. Why is Spire, which operates a constellation of 100 Earth observation satellites and provides space-based data analysis to Earth, rocketing so hard today?