Tidal Investments LLC Makes New Investment in MDA Space Ltd. $MDA

Key Points

• Tidal Investments purchased 1.29 million shares of MDA Space worth approximately $53.4 million, representing about 0.80% of the company. Several other institutional investors also initiated or increased positions during the second quarter.
• MDA Space exceeded quarterly expectations, reporting $0.26 in EPS versus a $0.24 estimate and revenue of $360.2 million versus the $321.9 million consensus forecast.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $50, well above its reported opening price of $28.88.

Tidal Investments LLC purchased a new stake in shares of MDA Space Ltd. (NYSE:MDA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,294,285 shares of the company's stock, valued at approximately $53,428,000. Tidal Investments LLC owned approximately 0.80% of MDA Space at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SCS Capital Management LLC acquired a new stake in shares of MDA Space during the second quarter worth $1,003,000. Deutsche Bank AG increased its position in shares of MDA Space by 85.9% in the 2nd quarter. Deutsche Bank AG now owns 54,516 shares of the company's stock valued at $2,250,000 after acquiring an additional 25,197 shares during the period. BlackRock Inc. purchased a new position in MDA Space in the 2nd quarter worth $4,931,000. Citizens Financial Group Inc. RI purchased a new position in MDA Space in the 2nd quarter worth $388,000. Finally, Tacita Capital Inc lifted its position in MDA Space by 16,480.0% during the 2nd quarter. Tacita Capital Inc now owns 2,487 shares of the company's stock worth $103,000 after acquiring an additional 2,472 shares during the period.

MDA Space Stock Performance

Shares of MDA opened at $28.88 on Thursday. The stock's 50-day moving average is $32.42. The firm has a market cap of $4.68 billion and a P/E ratio of 53.48. 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 Ltd. has a fifty-two week low of $23.23 and a fifty-two week high of $49.37.

MDA Space (NYSE:MDA - Get Free Report) last posted its earnings results on Friday, August 7th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $360.18 million for the quarter, compared to analyst estimates of $321.87 million. MDA Space had a return on equity of 9.42% and a net margin of 5.68%. Analysts forecast that MDA Space Ltd. will post 0.95 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings downgraded MDA Space from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 18th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of MDA Space in a report on Monday, June 22nd. Jefferies Financial Group reaffirmed a "buy" rating and set a $49.00 target price on shares of MDA Space in a report on Tuesday, August 11th. Scotiabank reiterated an "outperform" rating on shares of MDA Space in a research report on Monday, June 22nd. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $60.00 price target on shares of MDA Space in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, MDA Space presently has a consensus rating of "Moderate Buy" and an average price target of $50.00.

MDA Space Company 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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