MDA Space (TSE:MDA) Stock Price Down 25% - Here's What Happened

Key Points

• MDA Space Ltd. shares fell by 25%, trading at C$32.99 after closing at C$44.01, with a volume of over 3 million shares traded, significantly above the average.
• Despite the price drop, several research firms have raised their target prices for MDA, with Desjardins setting a new target of C$55.00 and most analysts maintaining a consensus rating of "Buy".
• Insider selling has been notable, with senior officers divesting a total of 288,000 shares valued at over C$8 million in recent months, indicating possible concerns about the company's stock performance.

MDA Space Ltd. (TSE:MDA - Get Free Report) fell 25% during mid-day trading on Monday . The company traded as low as C$32.91 and last traded at C$32.99. 3,165,014 shares traded hands during mid-day trading, an increase of 500% from the average session volume of 527,288 shares. The stock had previously closed at C$44.01.

Wall Street Analyst Weigh In

MDA has been the subject of several research reports. Royal Bank Of Canada dropped their price target on shares of MDA Space from C$53.00 to C$45.00 and set an "outperform" rating for the company in a research note on Tuesday. Scotiabank dropped their price target on shares of MDA Space from C$55.00 to C$43.00 and set an "outperform" rating for the company in a research note on Tuesday. BMO Capital Markets dropped their price target on shares of MDA Space from C$53.00 to C$40.00 and set an "outperform" rating for the company in a research note on Tuesday. Desjardins dropped their price target on shares of MDA Space from C$56.00 to C$43.00 and set a "buy" rating for the company in a research note on Tuesday. Finally, Canaccord Genuity Group dropped their price target on shares of MDA Space from C$54.00 to C$47.00 in a research note on Tuesday. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of C$38.44.

MDA Space Stock Down 2.0%

The company has a debt-to-equity ratio of 34.94, a current ratio of 0.83 and a quick ratio of 1.00. The company has a market cap of C$4.04 billion, a price-to-earnings ratio of 35.92 and a beta of -0.63. The firm's 50 day simple moving average is C$41.89 and its 200-day simple moving average is C$32.23.

Insider Buying and Selling

In other MDA Space news, Senior Officer Luigi Pozzebon sold 8,000 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of C$32.02, for a total value of C$256,160.00. Also, Director Brendan Paddick sold 54,400 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of C$45.09, for a total transaction of C$2,452,727.36. Following the sale, the director owned 1,181,953 shares of the company's stock, valued at C$53,290,596.72. This trade represents a 4.40% decrease in their position. Insiders have sold a total of 372,230 shares of company stock valued at $15,228,315 over the last ninety days. 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.