MDA Space (TSE:MDA) Trading Down 20.5% - Here's What Happened

Key Points

• MDA Space Ltd. (TSE:MDA) saw its share price drop by 20.5% on Monday, trading as low as C$34.20, after closing at C$44.01.
• Analysts have generally maintained a positive outlook, with multiple upgrades in ratings and targets, including a price target increase from C$40.00 to C$55.00 by Desjardins.
• Insider trading activity includes significant sales, with insiders offloading 288,000 shares valued at over $8.5 million in the last three months.

MDA Space Ltd. (TSE:MDA - Get Free Report)'s stock price fell 20.5% during mid-day trading on Monday . The stock traded as low as C$34.20 and last traded at C$34.99. 1,230,668 shares changed hands during mid-day trading, an increase of 139% from the average session volume of 515,191 shares. The stock had previously closed at C$44.01.

Wall Street Analyst Weigh In

Several research firms have issued reports on MDA. BMO Capital Markets cut 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 cut their price target on shares of MDA Space from C$54.00 to C$47.00 in a research report on Tuesday. Scotiabank cut 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. Desjardins cut their price target on shares of MDA Space from C$56.00 to C$43.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Royal Bank Of Canada dropped their target price on shares of MDA Space from C$53.00 to C$45.00 and set an "outperform" rating for the company in a report on Tuesday. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of C$38.44.

MDA Space Trading Down 0.3%

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

Insider Buying and Selling

In related news, Director John Carter Risley sold 184,230 shares of the stock in a transaction dated 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 completion of the transaction, the director directly owned 1,246,020 shares of the company's stock, valued at C$53,578,860. This represents a 12.88% decrease in their ownership of the stock. Also, Senior Officer Luigi Pozzebon sold 8,000 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of C$32.02, for a total transaction of C$256,160.00. Insiders sold 372,230 shares of company stock valued at $15,228,315 over the last quarter. 12.60% of the stock is currently 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.