MDA Space (TSE:MDA) Trading Down 20.5% - What's Next?

Key Points

• MDA Space Ltd. shares dropped 20.5% to C$34.99, following significant trading volume of over 1.2 million shares, well above the average session volume.
• Analysts have mostly issued positive ratings on MDA Space, with Scotiabank and others raising their price targets, suggesting a potential upside to C$55.00.
• Recent insider selling totaled 288,000 shares, indicating concern among insiders, as they sold shares valued at over C$8.5 million in the past three months.

Shares of MDA Space Ltd. (TSE:MDA - Get Free Report) were down 20.5% during mid-day trading on Monday . The company traded as low as C$34.20 and last traded at C$34.99. Approximately 1,230,668 shares were traded during trading, an increase of 139% from the average daily volume of 515,191 shares. The stock had previously closed at C$44.01.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MDA shares. BMO Capital Markets cut their price target on MDA Space from C$53.00 to C$40.00 and set an "outperform" rating for the company in a research note on Tuesday. Scotiabank cut their price target on MDA Space from C$55.00 to C$43.00 and set an "outperform" rating for the company in a research note on Tuesday. Desjardins cut their price target on MDA Space from C$56.00 to C$43.00 and set a "buy" rating for the company in a research note on Tuesday. 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 note on Tuesday. Finally, Canaccord Genuity Group cut their target price on MDA Space from C$54.00 to C$47.00 in a research note on Tuesday. Six analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of C$38.44.

MDA Space Price Performance

The business has a 50 day moving average price of C$41.56 and a two-hundred day moving average price of C$32.32. The stock has a market cap of C$3.85 billion, a PE ratio of 34.22 and a beta of -0.63. The company has a debt-to-equity ratio of 34.94, a quick ratio of 1.00 and a current ratio of 0.83.

Insider Buying and Selling

In related news, Director Brendan Paddick sold 45,600 shares of MDA Space stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of C$47.02, for a total value of C$2,143,929.60. Following the sale, the director owned 1,136,353 shares of the company's stock, valued at approximately C$53,426,772.65. The trade was a 3.86% decrease in their position. Also, Senior Officer Holly Lynn Johnson sold 31,200 shares of MDA Space stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of C$30.70, for a total transaction of C$957,840.00. Insiders have sold a total of 372,230 shares of company stock worth $15,228,315 in the last three months. 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.