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

Key Points

• MDA Space Ltd. (TSE:MDA) experienced a significant drop of 25% in its shares, trading as low as C$32.91, amid heavy trading volume of over 3 million shares.
• Analysts maintain a positive outlook, with upgrades from several firms; Desjardins and Royal Bank of Canada raised their price targets to C$55.00 and C$53.00, respectively, with a consensus rating of "Buy."
• Insider trading included the sale of 288,000 shares in the last quarter, worth over C$8.5 million, indicating notable insider activity within the company.

MDA Space Ltd. (TSE:MDA - Get Free Report) shares were down 25% during mid-day trading on Tuesday following insider selling activity. 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.

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MDA. Royal Bank Of Canada lowered their price objective on MDA Space from C$53.00 to C$45.00 and set an "outperform" rating on the stock in a report on Tuesday, September 9th. Canaccord Genuity Group lowered their price objective on MDA Space from C$54.00 to C$47.00 in a report on Tuesday, September 9th. BMO Capital Markets lowered their price objective 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. Desjardins lowered their price objective on MDA Space from C$56.00 to C$43.00 and set a "buy" rating on the stock in a report on Tuesday, September 9th. Finally, Scotiabank lowered their price objective on MDA Space from C$55.00 to C$43.00 and set an "outperform" rating on the stock in a report on Tuesday, September 9th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, MDA Space currently has an average rating of "Buy" and a consensus price target of C$38.44.

MDA Space Trading Down 0.3%

The firm has a market capitalization of C$3.85 billion, a price-to-earnings ratio of 34.22 and a beta of -0.63. The company has a fifty day moving average price of C$41.56 and a two-hundred day moving average price of C$32.37. The company has a current ratio of 0.83, a quick ratio of 1.00 and a debt-to-equity ratio of 34.94.

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.