MDA Space (NYSE:MDA) Price Target Raised to $50.00

Key Points

• JPMorgan raised MDA Space’s price target to $50 from $43 and maintained an “overweight” rating, implying 54.56% upside from the previous close.
• MDA Space shares fell 4.9% to $32.35, while analysts maintained a consensus “Moderate Buy” rating and an average price target of $50.
• The company exceeded quarterly expectations, reporting $0.26 in EPS versus $0.24 expected and revenue of $360.18 million versus estimates of $321.87 million.

MDA Space (NYSE:MDA - Get Free Report) had its price target upped by research analysts at JPMorgan Chase & Co. from $43.00 to $50.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 54.56% from the stock's previous close.

MDA has been the topic of several other research reports. Scotiabank reiterated an "outperform" rating on shares of MDA Space in a report on Monday, June 22nd. Weiss Ratings raised MDA Space from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 4th. ATB Cormark Capital Markets downgraded shares of MDA Space from a "moderate buy" rating to a "hold" rating in a report on Friday, May 29th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $41.00 price target on shares of MDA Space in a research note on Monday, August 10th. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $49.00 price target on shares of MDA Space in a report on Tuesday, August 11th. 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 company's stock. According to MarketBeat, MDA Space presently has a consensus rating of "Moderate Buy" and an average price target of $50.00.

MDA Space Stock Down 4.9%

MDA Space stock traded down $1.66 during mid-day trading on Wednesday, hitting $32.35. 428,225 shares of the company's stock were exchanged, compared to its average volume of 1,230,505. The company has a 50 day moving average price of $35.25. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $5.24 billion and a price-to-earnings ratio of 59.91. MDA Space 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 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $321.87 million. Research analysts expect that MDA Space will post 0.98 EPS for the current year.

Institutional Investors Weigh In On MDA Space

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SCS Capital Management LLC bought a new position in shares of MDA Space in the 2nd quarter valued at about $1,003,000. Capstone Investment Advisors LLC acquired a new stake in shares of MDA Space in the second quarter valued at about $276,000. Caisse de depot et placement du Quebec raised its holdings in MDA Space by 13.7% during the second 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 in the last quarter. Legal & General Group Plc raised its holdings in MDA Space by 10.7% during the second quarter. Legal & General Group Plc now owns 133,893 shares of the company's stock worth $5,530,000 after acquiring an additional 12,889 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in MDA Space by 9.1% during the second quarter. The Manufacturers Life Insurance Company now owns 124,010 shares of the company's stock valued at $5,114,000 after purchasing an additional 10,316 shares during the last quarter.

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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