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

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 stock price dropped 25% during trading on Tuesday . The stock traded as low as C$32.91 and last traded at C$32.99. Approximately 3,165,014 shares changed hands during mid-day trading, an increase of 500% from the average daily volume of 527,288 shares. The stock had previously closed at C$44.01.

Wall Street Analysts Forecast Growth

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

MDA Space Stock Down 25.0%

The business has a 50-day moving average price of C$41.93 and a 200-day moving average price of C$32.22. The stock has a market cap of C$4.12 billion, a PE ratio of 36.66 and a beta of -0.63. The company has a current ratio of 0.83, a quick ratio of 1.00 and a debt-to-equity ratio of 34.94.

Insider Activity at MDA Space

In other MDA Space news, Senior Officer Luigi Pozzebon sold 8,000 shares of MDA Space stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of C$32.02, for a total transaction of C$256,160.00. Also, Director Michael Philip James Greenley sold 200,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of C$29.04, for a total transaction of C$5,807,400.00. Over the last 90 days, insiders sold 288,000 shares of company stock valued at $8,517,168. 12.60% of the stock is owned by corporate insiders.

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.

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