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

Key Points

• MDA Space Ltd. shares fell by 25% on Tuesday, closing at C$32.99, after previously trading at C$44.01.
• Despite the drop, several analysts have upgraded MDA Space, with Scotiabank raising its price target from C$39.00 to C$55.00, indicating positive future outlook for the stock.
• Insider transactions reveal significant sell-offs, with corporate insiders selling a total of C$8.5 million in shares over the past ninety days.

MDA Space Ltd. (TSE:MDA - Get Free Report)'s stock price dropped 25% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as C$32.91 and last traded at C$32.99. Approximately 3,165,014 shares were traded during mid-day 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 that occurred on Thursday, August 14th. The shares were 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. The trade was a 12.88% decrease in their ownership of the stock. Also, Director Brendan Paddick sold 54,400 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of C$45.09, for a total transaction of C$2,452,727.36. Following the sale, the director owned 1,181,953 shares of the company's stock, valued at 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 that occurred on Tuesday, August 26th. The shares were 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. The trade was a 3.86% decrease in their ownership of the stock.

Wall Street Analyst Weigh In

MDA has been the subject of several recent research reports. Scotiabank cut their target price 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, September 9th. BMO Capital Markets cut their target price 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, September 9th. Canaccord Genuity Group cut their target price on shares of MDA Space from C$54.00 to C$47.00 in a research report on Tuesday, September 9th. Royal Bank Of Canada cut 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 research report on Tuesday, September 9th. Finally, Desjardins dropped 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, September 9th. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of C$38.44.

MDA Space Trading Down 0.3%

The firm 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 simple moving average is C$41.56 and its two-hundred day simple moving average is C$32.44. The company has a debt-to-equity ratio of 34.94, a current ratio of 0.83 and a quick ratio of 1.00.

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.