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

Key Points

• MDA Space Ltd.'s stock price plummeted by 25% during mid-day trading, reaching a low of C$32.91, significantly down from its previous close of C$44.01.
• Multiple research firms have increased their target prices for MDA Space, with ratings ranging from "buy" to "outperform," indicating positive outlooks despite recent declines.
• Insiders have sold a significant number of shares, totaling 288,000 shares worth over C$8.5 million in the past three months, which may raise questions about confidence in the company's future.

MDA Space Ltd. (TSE:MDA - Get Free Report) shares dropped 25% on Tuesday following insider selling activity. The company traded as low as C$32.91 and last traded at C$32.99. Approximately 3,165,014 shares traded hands during 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 the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of C$43.00, for a total transaction of C$7,921,890.00. Following the transaction, the director directly 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 the business's stock in a transaction on 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 transaction, the director owned 1,181,953 shares in the company, valued at approximately C$53,290,596.72. This trade represents a 4.40% decrease in their ownership of the stock. In related news, Director Brendan Paddick sold 45,600 shares of the business's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of C$47.02, for a total transaction of C$2,143,929.60. Following the transaction, the director directly owned 1,136,353 shares in the company, valued at C$53,426,772.65. The trade was a 3.86% decrease in their position.

Analysts Set New Price Targets

MDA has been the topic of several research analyst reports. Desjardins dropped their target price on MDA Space from C$56.00 to C$43.00 and set a "buy" rating on the stock in a research note on Tuesday, September 9th. Canaccord Genuity Group dropped their price target on MDA Space from C$54.00 to C$47.00 in a research note on Tuesday, September 9th. Scotiabank dropped their price target on MDA Space from C$55.00 to C$43.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 9th. Royal Bank Of Canada dropped their price target on MDA Space from C$53.00 to C$45.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 9th. Finally, BMO Capital Markets dropped their price target on MDA Space from C$53.00 to C$40.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 9th. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of C$38.44.

MDA Space Trading Down 0.3%

The firm has a market cap 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 200-day moving average price of C$32.44. The company has a current ratio of 0.83, a quick ratio of 1.00 and a debt-to-equity ratio of 34.94.

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.