K.J. Harrison & Partners Inc Cuts Stock Holdings in MDA Space Ltd. $MDA

Key Points

• K.J. Harrison & Partners reduced its MDA Space stake by 20.3% in the second quarter, selling 36,300 shares and retaining 142,500 shares valued at approximately $5.88 million.
• Institutional investor activity was mixed: BlackRock and SCS Capital Management initiated new positions, while Deutsche Bank increased its holdings by 85.9%.
• MDA Space reported quarterly EPS of $0.26, beating estimates by $0.02, and revenue of $360.18 million versus expectations of $321.87 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $48.25.

K.J. Harrison & Partners Inc cut its position in shares of MDA Space Ltd. (NYSE:MDA - Free Report) by 20.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 142,500 shares of the company's stock after selling 36,300 shares during the quarter. K.J. Harrison & Partners Inc owned approximately 0.09% of MDA Space worth $5,876,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in MDA Space during the second quarter valued at $4,931,000. Deutsche Bank AG grew its holdings in MDA Space by 85.9% during the 2nd quarter. Deutsche Bank AG now owns 54,516 shares of the company's stock valued at $2,250,000 after buying an additional 25,197 shares in the last quarter. Finally, SCS Capital Management LLC purchased a new stake in MDA Space in the 2nd quarter worth approximately $1,003,000.

Analyst Ratings Changes

Several analysts have weighed in on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $60.00 price target on shares of MDA Space in a report on Monday. ATB Cormark Capital Markets downgraded shares of MDA Space from a "moderate buy" rating to a "hold" rating in a research note on Friday, May 29th. Zacks Research upgraded MDA Space from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 11th. Weiss Ratings upgraded shares of MDA Space from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 4th. Finally, JPMorgan Chase & Co. raised their price target on MDA Space from $34.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $48.25.

MDA Space Stock Performance

Shares of MDA Space stock opened at $35.27 on Tuesday. MDA Space Ltd. has a 52-week low of $23.23 and a 52-week high of $49.37. The stock has a market capitalization of $5.72 billion and a PE ratio of 65.31. The business has a 50-day moving average price of $35.32. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.72.

MDA Space (NYSE:MDA - Get Free Report) last issued its 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 business had revenue of $360.18 million for the quarter, compared to the consensus estimate of $321.87 million. MDA Space had a return on equity of 9.42% and a net margin of 5.68%. As a group, equities research analysts forecast that MDA Space Ltd. will post 0.98 EPS for the current fiscal year.

About MDA Space

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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