MDA Space (TSE:MDA) Shares 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) shares fell 21.4% on Monday . The stock traded as low as C$34.20 and last traded at C$34.57. 1,576,176 shares changed hands during trading, an increase of 204% from the average session volume of 517,779 shares. The stock had previously closed at C$44.01.

Analyst Ratings Changes

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

MDA Space Stock Performance

The stock has a market capitalization of C$3.85 billion, a PE ratio of 34.22 and a beta of -0.63. The company has a debt-to-equity ratio of 34.94, a current ratio of 0.83 and a quick ratio of 1.00. The business's fifty day moving average price is C$41.56 and its 200-day moving average price is C$32.37.

Insider Transactions at MDA Space

In other news, Senior Officer Luigi Pozzebon sold 8,000 shares of the 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. Also, insider Guillaume Lavoie purchased 1,220 shares of the stock in a transaction dated Tuesday, September 9th. The stock was purchased at an average cost of C$33.91 per share, for a total transaction of C$41,370.20. Following the completion of the acquisition, the insider owned 4,562 shares of the company's stock, valued at approximately C$154,697.42. This represents a 36.51% increase in their position. In the last 90 days, insiders sold 372,230 shares of company stock valued at $15,228,315. Company insiders own 12.60% of the company's stock.

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.