MDA Space (TSE:MDA) Stock Price Down 21.4% - Here's What Happened

Key Points

• MDA Space Ltd. experienced a significant decline of 21.4% in stock price, dropping to C$34.57 following a previous close of C$44.01.
• Multiple analysts have raised their price targets for MDA Space, with estimates ranging from C$45.00 to C$55.00, suggesting a generally positive outlook despite the recent stock price drop.
• Insider selling has been notable, with insiders selling 288,000 shares valued at approximately $8.5 million in the last 90 days, indicating potential concerns about stock ownership retention.

MDA Space Ltd. (TSE:MDA - Get Free Report) dropped 21.4% on Monday . The company traded as low as C$34.20 and last traded at C$34.57. Approximately 1,576,176 shares changed hands during trading, an increase of 204% from the average daily volume of 517,779 shares. The stock had previously closed at C$44.01.

Analysts Set New Price Targets

MDA has been the topic of a number of recent research reports. Scotiabank raised MDA Space from a "hold" rating to a "strong-buy" rating and boosted their price objective for the stock from C$39.00 to C$55.00 in a research note on Tuesday, August 5th. Royal Bank Of Canada lifted their target price on MDA Space from C$42.00 to C$53.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. BMO Capital Markets lifted their target price on MDA Space from C$33.00 to C$53.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Desjardins lifted their target price on MDA Space from C$40.00 to C$55.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, Canaccord Genuity Group lifted their target price 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. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of C$43.22.

MDA Space Price Performance

The stock has a market capitalization of C$4.12 billion, a price-to-earnings ratio of 36.66 and a beta of -0.63. 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 company has a 50 day moving average of C$41.97 and a 200 day moving average of C$32.17.

Insiders Place Their Bets

In related news, Senior Officer Holly Lynn Johnson sold 31,200 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of C$30.70, for a total value of C$957,840.00. Also, Senior Officer Luigi Pozzebon sold 8,000 shares of the company's stock in a transaction dated 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 90 days, insiders sold 288,000 shares of company stock valued at $8,517,168. 12.60% of the stock is owned by insiders.

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.

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