Cardinal Point Capital Management ULC Acquires New Position in MDA Space Ltd. $MDA

Key Points

• Cardinal Point Capital Management acquired 40,900 MDA Space shares in the third quarter, worth approximately $1.215 million. Other institutional investors, including TD Waterhouse and Caisse de dépôt et placement du Québec, also increased or initiated positions.
• MDA Space reported quarterly EPS of $0.26, beating estimates of $0.24, while revenue of $360.18 million exceeded analyst expectations of $321.87 million.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $50, substantially above the reported share price of $28.83.

Cardinal Point Capital Management ULC bought a new position in shares of MDA Space Ltd. (NYSE:MDA - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 40,900 shares of the company's stock, valued at approximately $1,215,000.

Several other large investors have also bought and sold shares of MDA. BlackRock Inc. acquired a new position in shares of MDA Space in the second quarter valued at approximately $4,931,000. The Manufacturers Life Insurance Company acquired a new stake in MDA Space during the 2nd quarter worth approximately $5,114,000. TD Waterhouse Canada Inc. boosted its position in MDA Space by 37.9% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 992,507 shares of the company's stock worth $28,630,000 after buying an additional 272,974 shares during the period. Montrusco Bolton Investments Inc. bought a new stake in MDA Space during the 3rd quarter worth approximately $12,052,000. Finally, Caisse de depot et placement du Quebec grew its holdings in MDA Space by 13.7% during the 2nd quarter. Caisse de depot et placement du Quebec now owns 785,799 shares of the company's stock worth $32,457,000 after acquiring an additional 94,799 shares during the last quarter.

MDA Space Stock Up 4.6%

MDA Space stock opened at $28.83 on Thursday. The business has a 50 day moving average of $29.91. 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.

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

Analyst Ratings Changes

MDA has been the subject of several analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $60.00 price target on shares of MDA Space in a research note on Monday, August 17th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $41.00 price target on shares of MDA Space in a report on Monday, August 10th. JPMorgan Chase & Co. boosted their price objective on shares of MDA Space from $43.00 to $50.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. National Bank Financial began coverage on MDA Space in a report on Monday, September 14th. They issued an "outperform" rating for the company. Finally, Jefferies Financial Group restated a "buy" rating on shares of MDA Space in a report on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, MDA Space currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.00.

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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