MDA Space (TSE:MDA) Shares Down 20.5% - Here's What Happened

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) fell 20.5% on Monday . The company traded as low as C$34.20 and last traded at C$34.99. 1,230,668 shares changed hands during trading, an increase of 139% from the average session volume of 515,191 shares. The stock had previously closed at C$44.01.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MDA shares. Scotiabank raised MDA Space from a "hold" rating to a "strong-buy" rating and upped their price objective for the stock from C$39.00 to C$55.00 in a report on Tuesday, August 5th. Royal Bank Of Canada increased their price objective on shares of MDA Space from C$42.00 to C$53.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. BMO Capital Markets lifted their target price on shares of MDA Space from C$33.00 to C$53.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Canaccord Genuity Group increased their price target on shares of MDA Space from C$36.00 to C$45.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, Desjardins boosted their target price on MDA Space from C$40.00 to C$55.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat.com, MDA Space has a consensus rating of "Buy" and an average target price of C$43.22.

MDA Space Stock Performance

The stock has a market capitalization of C$4.17 billion, a P/E ratio of 37.09 and a beta of -0.63. The stock has a 50 day simple moving average of C$41.97 and a two-hundred day simple moving average of C$32.17. The company has a quick ratio of 1.00, a current ratio of 0.83 and a debt-to-equity ratio of 34.94.

Insiders Place Their Bets

In other news, Senior Officer Minda Marie Suchan sold 40,000 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of C$30.64, for a total value of C$1,225,608.00. Also, Senior Officer Holly Lynn Johnson sold 31,200 shares of MDA Space stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of C$30.70, for a total value of C$957,840.00. Insiders sold 288,000 shares of company stock valued at $8,517,168 over the last 90 days. 12.60% of the stock is owned by company insiders.

MDA Space Company Profile

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.

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