MDA Space (TSE:MDA) Shares Down 25% on Insider Selling

Key Points

• MDA Space Ltd. shares fell by 25% on Tuesday, trading down to C$32.99 from a previous close of C$44.01.
• Multiple analysts have recently upgraded their target prices for MDA Space, with Scotiabank raising its target from C$39 to C$55, now rating it as a "strong-buy."
• In the last quarter, insiders sold a total of 288,000 shares valued at over $8.5 million, indicating potential concerns about the stock's outlook.

Shares of MDA Space Ltd. (TSE:MDA - Get Free Report) traded down 25% during mid-day trading on Tuesday following insider selling activity. The company traded as low as C$32.91 and last traded at C$32.99. 3,165,014 shares were traded 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.

Specifically, Director John Carter Risley sold 184,230 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of C$43.00, for a total transaction 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. This represents a 12.88% decrease in their position. 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 transaction of C$2,452,727.36. Following the transaction, the director owned 1,181,953 shares of the company's stock, valued at approximately C$53,290,596.72. This trade represents 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 shares were sold at an average price of C$47.02, for a total transaction of C$2,143,929.60. Following the completion of the transaction, the director owned 1,136,353 shares in the company, valued at C$53,426,772.65. This represents a 3.86% decrease in their position.

Analysts Set New Price Targets

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

MDA Space Stock Performance

The firm's 50 day moving average price is C$41.56 and its two-hundred day moving average price is C$32.44. The company has a debt-to-equity ratio of 34.94, a quick ratio of 1.00 and a current ratio of 0.83. The firm has a market cap of C$3.85 billion, a PE ratio of 34.22 and a beta of -0.63.

MDA Space Company Profile

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.