BlackRock Inc. Makes New Investment in MDA Space Ltd. $MDA

Key Points

• BlackRock acquired 119,445 shares of MDA Space in the second quarter, valued at approximately $4.93 million, while SCS Capital Management also initiated a position worth about $1 million.
• MDA Space exceeded quarterly expectations, reporting $0.26 earnings per share versus the $0.24 consensus and revenue of $360.18 million compared with estimates of $321.87 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $50.00; shares recently opened at $29.52.

BlackRock Inc. bought a new position in shares of MDA Space Ltd. (NYSE:MDA - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 119,445 shares of the company's stock, valued at approximately $4,931,000. BlackRock Inc. owned approximately 0.07% of MDA Space as of its most recent filing with the Securities & Exchange Commission.

Separately, SCS Capital Management LLC bought a new position in MDA Space during the second quarter worth about $1,003,000.

MDA Space Price Performance

Shares of MDA opened at $29.52 on Friday. The company's 50 day moving average price is $33.03. The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 0.19. MDA Space Ltd. has a one year low of $23.23 and a one year high of $49.37. The firm has a market capitalization of $4.79 billion and a P/E ratio of 54.67.

MDA Space (NYSE:MDA - Get Free Report) last issued its earnings results on Friday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. MDA Space had a return on equity of 9.42% and a net margin of 5.68%.The firm had revenue of $360.18 million for the quarter, compared to the consensus estimate of $321.87 million. On average, analysts expect that MDA Space Ltd. will post 0.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on MDA shares. Jefferies Financial Group reissued a "buy" rating and issued a $49.00 price objective on shares of MDA Space in a report on Tuesday, August 11th. ATB Cormark Capital Markets cut shares of MDA Space from a "moderate buy" rating to a "hold" rating in a report on Friday, May 29th. Zacks Research upgraded shares of MDA Space from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 11th. JPMorgan Chase & Co. boosted their price target on MDA Space from $43.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $41.00 price target on shares of MDA Space in a research report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $50.00.

MDA Space Profile

MDA Space Ltd is a developer and manufacturer of technology and services to the space industry. It is an international space mission partner and robotics, satellite systems, and geo-intelligence pioneer. It is engaged in communications satellites, Earth and space observation, space exploration, and infrastructure. The Company collaborates and partners with governments and space agencies, commercial space companies, and defence and aerospace prime contractors in the space industry. Geographically, it generates the majority of its revenue from Canada.

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