MDA Space (TSE:MDA) Given New C$40.00 Price Target at BMO Capital Markets

Key Points

• BMO Capital Markets has lowered the price target for MDA Space from C$53.00 to C$40.00 while maintaining an "outperform" rating.
• Multiple financial institutions, including Scotiabank and Canaccord Genuity Group, have also reduced their price targets on MDA Space, reflecting a bearish sentiment in the market.
• MDA Space shares saw a slight increase on Tuesday, trading at C$33.20, amidst significant insider activity with over 288,000 shares being sold by company insiders in the last ninety days.

MDA Space (TSE:MDA - Free Report) had its target price trimmed by BMO Capital Markets from C$53.00 to C$40.00 in a report published on Tuesday morning,BayStreet.CA reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also commented on the company. Canaccord Genuity Group reduced their price target on MDA Space from C$54.00 to C$47.00 in a research report on Tuesday, September 9th. Desjardins cut their target price on MDA Space from C$56.00 to C$43.00 and set a "buy" rating on the stock in a research report on Tuesday, September 9th. Scotiabank cut their target price on MDA Space from C$55.00 to C$43.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 9th. Finally, Royal Bank Of Canada cut their target price on MDA Space from C$53.00 to C$45.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 9th. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of C$38.44.

MDA Space Trading Down 0.3%

Shares of TSE MDA traded down C$0.09 during trading on Tuesday, reaching C$30.80. The company had a trading volume of 963,072 shares, compared to its average volume of 557,736. The company's fifty day moving average price is C$41.56 and its 200-day moving average price is C$32.37. MDA Space has a 12 month low of C$15.53 and a 12 month high of C$48.31. The stock has a market cap of C$3.85 billion, a P/E ratio of 34.22 and a beta of -0.63. 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 Buying and Selling at MDA Space

In related news, Director Michael Philip James Greenley sold 1,009,300 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of C$45.00, for a total transaction of C$45,418,500.00. Following the transaction, the director directly owned 117,037 shares of the company's stock, valued at approximately C$5,266,665. This represents a 89.61% decrease in their position. Also, Director Brendan Paddick sold 54,400 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of C$45.09, for a total value of C$2,452,727.36. Following the completion of the sale, the director directly owned 1,181,953 shares of the company's stock, valued at approximately C$53,290,596.72. This trade represents a 4.40% decrease in their ownership of the stock. Insiders sold 1,422,150 shares of company stock worth $62,507,211 in the last quarter. Company insiders own 12.60% of the company's stock.

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.