MDA Space (TSE:MDA) Shares Down 25% - Should You Sell?

Key Points

• MDA Space Ltd. shares dropped 25% to C$32.99 on Monday, significantly below its previous close of C$44.01, with trading volume increasing to 3.165 million shares.
• Despite the recent decline, several analysts have boosted their target prices for MDA Space, with Canaccord Genuity Group raising it to C$45.00 and BMO Capital Markets to C$53.00, suggesting an overall optimistic outlook.
• Insider transactions have seen significant activity, with company insiders selling 288,000 shares valued at over $8 million in the last ninety days, which raises questions about confidence in the company's future performance.

MDA Space Ltd. (TSE:MDA - Get Free Report) shares were down 25% on Monday . The stock traded as low as C$32.91 and last traded at C$32.99. Approximately 3,165,014 shares traded 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

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

MDA Space Trading Down 25.0%

The firm has a market capitalization of C$4.12 billion, a P/E ratio of 36.66 and a beta of -0.63. The company has a quick ratio of 1.00, a current ratio of 0.83 and a debt-to-equity ratio of 34.94. The business has a 50-day moving average price of C$41.97 and a 200-day moving average price of C$32.17.

Insider Transactions at MDA Space

In other news, Senior Officer Holly Lynn Johnson sold 31,200 shares of the business's 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. Also, 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. In the last ninety days, insiders have sold 288,000 shares of company stock valued at $8,517,168. 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.

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