MDA Space Ltd. (NYSE:MDA) Short Interest Update

Key Points

• Short interest surged 93.4% to 2.67 million shares as of July 15, representing approximately 1.6% of outstanding shares and a days-to-cover ratio of 1.0.
• MDA Space shares opened at $28.77, down 3.7%, with a market capitalization of $4.66 billion and a 52-week range of $23.23 to $49.37.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $50.67, despite one recent downgrade to “hold.”

MDA Space Ltd. (NYSE:MDA - Get Free Report) saw a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 2,669,290 shares, a growth of 93.4% from the June 30th total of 1,379,899 shares. Based on an average daily volume of 2,601,178 shares, the days-to-cover ratio is currently 1.0 days. Approximately 1.6% of the shares of the company are sold short.

MDA Space Stock Down 3.7%

Shares of NYSE MDA opened at $28.77 on Thursday. The company has a market capitalization of $4.66 billion and a PE ratio of 102.75. The stock has a fifty day moving average of $37.64. MDA Space has a 52 week low of $23.23 and a 52 week high of $49.37.

MDA Space (NYSE:MDA - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.05.

Analyst Ratings Changes

A number of research analysts have commented on the company. Canaccord Genuity Group raised MDA Space to a "strong-buy" rating in a report on Wednesday, April 22nd. 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. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of MDA Space in a research note on Monday, June 22nd. Scotiabank restated an "outperform" rating on shares of MDA Space in a research report on Monday, June 22nd. Finally, Jefferies Financial Group raised shares of MDA Space to a "strong-buy" rating in a report on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $50.67.

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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