MDA Space (TSE:MDA) Trading Down 25% Following Insider Selling

Key Points

• MDA Space Ltd. shares fell by 25% on Tuesday, with the stock trading at a low of C$32.91, significantly down from its previous close of C$44.01.
• Despite the decline, analysts remain optimistic, with several upgrades; Scotiabank raised its target price to C$55.00 and maintained a "strong-buy" rating.
• Insider trading activity has been high, with significant stock sales amounting to over $8.5 million in the last 90 days, highlighting possible concerns among company executives.

MDA Space Ltd. (TSE:MDA - Get Free Report)'s share price was down 25% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as C$32.91 and last traded at C$32.99. Approximately 3,165,014 shares traded hands during trading, an increase of 500% from the average daily volume of 527,288 shares. The stock had previously closed at C$44.01.

Specifically, Director John Carter Risley sold 184,230 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of C$43.00, for a total transaction of C$7,921,890.00. Following the sale, the director owned 1,246,020 shares in the company, valued at approximately C$53,578,860. This represents a 12.88% decrease in their ownership of the stock. Also, Director Brendan Paddick sold 54,400 shares of the company's stock in a transaction dated 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 sale, the director owned 1,181,953 shares in the company, valued at C$53,290,596.72. The trade was a 4.40% decrease in their position. In related news, Director Brendan Paddick sold 45,600 shares of the company's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of C$47.02, for a total transaction of C$2,143,929.60. Following the sale, the director owned 1,136,353 shares in the company, valued at approximately C$53,426,772.65. This represents a 3.86% decrease in their ownership of the stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on MDA shares. Canaccord Genuity Group dropped their target price on MDA Space from C$54.00 to C$47.00 in a report on Tuesday, September 9th. BMO Capital Markets dropped their target price on MDA Space from C$53.00 to C$40.00 and set an "outperform" rating on the stock in a report on Tuesday, September 9th. Royal Bank Of Canada lowered their price target 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. Desjardins lowered their price target 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. Finally, Scotiabank lowered their price target 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. Six analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of C$38.44.

MDA Space Trading Down 0.3%

The business has a 50-day simple moving average of C$41.56 and a two-hundred day simple moving average of C$32.37. 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 stock has a market cap of C$3.85 billion, a price-to-earnings ratio of 34.22 and a beta of -0.63.

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.