MDA Space (TSE:MDA) Hits New 1-Year High - Here's What Happened

Key Points

• MDA Space Ltd. reached a new 52-week high at C$46.00, highlighting a significant gain from its previous closing price of C$38.80.
• Several analysts have upgraded their ratings for MDA Space, with targets ranging from C$39.00 to C$45.00, indicating a growing optimism about the company's future performance.
• Insider trading activity includes notable sales, with 306,000 shares sold by company insiders in the last 90 days, totaling over C$9 million.

MDA Space Ltd. (TSE:MDA - Get Free Report) shares hit a new 52-week high during mid-day trading on Saturday . The stock traded as high as C$46.00 and last traded at C$45.93, with a volume of 1307648 shares changing hands. The stock had previously closed at C$38.80.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Scotiabank downgraded MDA Space from a "strong-buy" rating to a "hold" rating and boosted their price objective for the stock from C$33.00 to C$39.00 in a research report on Thursday, July 3rd. Canaccord Genuity Group upped their price objective on MDA Space from C$36.00 to C$45.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Royal Bank Of Canada increased their price objective on MDA Space from C$35.00 to C$42.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Finally, Desjardins increased their price objective on MDA Space from C$38.00 to C$40.00 and gave the company a "buy" rating in a report on Monday, June 23rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, MDA Space currently has an average rating of "Moderate Buy" and an average target price of C$35.78.

MDA Space Trading Up 18.4%

The business's fifty day moving average is C$34.84 and its 200-day moving average is C$28.79. The stock has a market capitalization of C$5.60 billion, a PE ratio of 81.64 and a beta of 0.02. The company has a quick ratio of 1.00, a current ratio of 0.83 and a debt-to-equity ratio of 34.94.

Insider Activity

In other news, Senior Officer David Snarch sold 18,000 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of C$28.20, for a total transaction of C$507,600.00. Also, Senior Officer Minda Marie Suchan sold 40,000 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of C$30.64, for a total transaction of C$1,225,608.00. Insiders sold a total of 306,000 shares of company stock valued at $9,024,768 over the last quarter. 12.60% of the stock is owned by insiders.

About MDA Space

MDA Space Ltd, formerly MDA Ltd, is a global space company. The Company is a robotics, satellite systems and Geo intelligence provider. It provides communications satellites and earth and space observation. It is also involved in space exploration and infrastructure. Its software, AURORA, is a digital satellite product line providing critical new solutions to operators.