MDA Space (TSE:MDA) Stock Price Down 19% - Here's What Happened

Key Points

• MDA Space Ltd. shares dropped 19% on Monday, trading as low as C$35.42, amid increased trading volume, surpassing the average by 9%.
• Several brokerages raised their price targets for MDA Space, with BMO Capital Markets increasing the target from C$33 to C$53 and Scotiabank raising it from C$39 to C$55, reflecting optimism for the company's performance.
• In recent insider activity, senior officers sold a combined 288,000 shares valued at over C$8.5 million, indicating significant insider selling amid fluctuating stock prices.

MDA Space Ltd. (TSE:MDA - Get Free Report)'s stock price fell 19% during trading on Monday . The company traded as low as C$35.42 and last traded at C$35.67. 556,126 shares were traded during trading, an increase of 9% from the average session volume of 510,244 shares. The stock had previously closed at C$44.01.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MDA. BMO Capital Markets decreased their price objective on shares of MDA Space from C$53.00 to C$40.00 and set an "outperform" rating on the stock in a report on Tuesday. Scotiabank decreased their price objective on shares of MDA Space from C$55.00 to C$43.00 and set an "outperform" rating on the stock in a report on Tuesday. Desjardins reduced their target price on shares of MDA Space from C$56.00 to C$43.00 and set a "buy" rating on the stock in a research note on Tuesday. Royal Bank Of Canada reduced their target price on shares of MDA Space from C$53.00 to C$45.00 and set an "outperform" rating on the stock in a research note on Tuesday. Finally, Canaccord Genuity Group reduced their target price on shares of MDA Space from C$54.00 to C$47.00 in a research note on Tuesday. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of C$38.44.

MDA Space Stock Down 0.3%

The company has a market cap of C$3.85 billion, a P/E ratio of 34.22 and a beta of -0.63. The firm's 50 day moving average price is C$41.56 and its 200-day moving average price is C$32.32. The company has a current ratio of 0.83, a quick ratio of 1.00 and a debt-to-equity ratio of 34.94.

Insiders Place Their Bets

In related news, Director John Carter Risley sold 184,230 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of C$43.00, for a total value of C$7,921,890.00. Following the sale, the director directly owned 1,246,020 shares in the company, valued at C$53,578,860. This trade represents a 12.88% decrease in their position. Also, Senior Officer Luigi Pozzebon sold 8,000 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of C$32.02, for a total transaction of C$256,160.00. Insiders sold a total of 372,230 shares of company stock worth $15,228,315 over the last ninety days. 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.