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

Key Points

• MDA Space Ltd. experienced a significant stock price drop of 25%, falling to around C$32.99 from a previous close of C$44.01.
• A number of analysts, including Desjardins and Scotiabank, have raised their price targets for MDA Space, indicating a positive outlook with target prices now ranging from C$40.00 to C$55.00.
• Insider trading activity has been notable, with company directors selling a total of 288,000 shares valued at over $8.5 million in the last quarter.

MDA Space Ltd. (TSE:MDA - Get Free Report)'s stock price fell 25% during mid-day trading on Tuesday after an insider sold shares in the company. 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 stock in a transaction dated 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 completion of the sale, the director directly owned 1,246,020 shares in the company, valued at approximately C$53,578,860. This trade represents a 12.88% decrease in their position. Also, Director Brendan Paddick sold 54,400 shares of the 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 sale, the director owned 1,181,953 shares of the company's stock, valued at approximately C$53,290,596.72. The trade was a 4.40% decrease in their ownership of the stock. In other MDA Space news, Director Brendan Paddick sold 45,600 shares of the stock in a transaction dated 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 completion of the sale, the director directly owned 1,136,353 shares in the company, valued at approximately C$53,426,772.65. This trade represents a 3.86% decrease in their position.

Analyst Ratings Changes

A number of brokerages have weighed in on MDA. Royal Bank Of Canada decreased their price target on 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. Scotiabank decreased their price target on 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. Desjardins reduced their target price on MDA Space from C$56.00 to C$43.00 and set a "buy" rating for the company in a research note on Tuesday, September 9th. BMO Capital Markets reduced their target price on MDA Space from C$53.00 to C$40.00 and set an "outperform" rating for the company in a research note on Tuesday, September 9th. Finally, Canaccord Genuity Group reduced their target price on MDA Space from C$54.00 to C$47.00 in a research note on Tuesday, September 9th. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, MDA Space has an average rating of "Buy" and an average price target of C$38.44.

MDA Space Stock Performance

The company 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 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 price of C$41.56 and a 200 day moving average price of C$32.37.

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.