250,224 Shares in MDA Space Ltd. $MDA Bought by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management purchased 250,224 shares of MDA Space in the third quarter, worth approximately $7.43 million and representing about 0.15% of the company.
• Analyst sentiment remains favorable, with MDA Space carrying a consensus “Moderate Buy” rating and an average price target of $50.00; JPMorgan recently raised its target to $50 from $43.
• MDA Space’s stock opened at $27.19, well below its 52-week high of $49.37. The company recently beat quarterly expectations, reporting $0.26 in EPS versus $0.24 expected and revenue of $360.18 million versus $321.87 million estimated.

Cidel Asset Management Inc. purchased a new stake in MDA Space Ltd. (NYSE:MDA - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 250,224 shares of the company's stock, valued at approximately $7,429,000. Cidel Asset Management Inc. owned approximately 0.15% of MDA Space at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Tacita Capital Inc raised its stake in shares of MDA Space by 16,480.0% in the 2nd quarter. Tacita Capital Inc now owns 2,487 shares of the company's stock valued at $103,000 after acquiring an additional 2,472 shares during the period. Nykredit A S purchased a new stake in MDA Space during the 2nd quarter worth about $124,000. Citizens Financial Group Inc. RI purchased a new stake in MDA Space during the 3rd quarter worth about $234,000. Capstone Investment Advisors LLC acquired a new stake in MDA Space in the 2nd quarter valued at about $276,000. Finally, Envestnet Asset Management Inc. acquired a new stake in MDA Space in the 2nd quarter valued at about $317,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MDA shares. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $41.00 price objective on shares of MDA Space in a research note on Monday, August 10th. Weiss Ratings lowered shares of MDA Space from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 18th. JPMorgan Chase & Co. raised their target price on shares of MDA Space from $43.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. National Bank Financial started coverage on shares of MDA Space in a report on Monday, September 14th. They issued an "outperform" rating on the stock. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of MDA Space in a research note on Tuesday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, MDA Space presently has a consensus rating of "Moderate Buy" and an average price target of $50.00.

MDA Space Price Performance

MDA stock opened at $27.19 on Friday. The business has a 50 day moving average price of $29.21 and a 200 day moving average price of $33.45. The stock has a market cap of $4.41 billion and a price-to-earnings ratio of 50.35. MDA Space Ltd. has a fifty-two week low of $23.23 and a fifty-two week high of $49.37. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 0.19.

MDA Space (NYSE:MDA - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The company had revenue of $360.18 million for the quarter, compared to analyst estimates of $321.87 million. MDA Space had a net margin of 5.68% and a return on equity of 9.42%. Equities research analysts anticipate that MDA Space Ltd. will post 0.96 earnings per share for the current fiscal year.

About MDA Space

MDA Space Ltd. is a Canadian space technology company that designs and delivers systems, products and services for government and commercial customers. Its activities span satellite communications, Earth observation, space robotics, geointelligence and lunar exploration, with capabilities covering mission planning, engineering, manufacturing and in-orbit support.

The company is known for developing space robotics and automation technologies, including systems used on the International Space Station, as well as satellite payloads, satellite subsystems and communications platforms.

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