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

Key Points

• The share price of MDA Space Ltd. (TSE:MDA) fell by 25%, reaching a low of C$32.91 during mid-day trading on Tuesday, significantly above the average daily volume of shares traded.
• Several analysts have raised their price targets for MDA Space, with estimates ranging from C$45.00 to C$55.00, and the stock has an average rating of "Buy" with a consensus target price of C$43.22.
• Insider selling has been reported, with notable transactions including a Director selling 200,000 shares for over C$5.8 million, indicating potential concerns about the company's future performance.

MDA Space Ltd. (TSE:MDA - Get Free Report)'s share price 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 firm's 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 sale, the director directly owned 1,246,020 shares of the company's stock, valued at C$53,578,860. This trade represents a 12.88% decrease in their ownership of the stock. Also, Director Brendan Paddick sold 54,400 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of C$45.09, for a total value of C$2,452,727.36. Following the sale, the director directly owned 1,181,953 shares in the company, valued at approximately C$53,290,596.72. This represents a 4.40% decrease in their ownership of the stock. In other MDA Space news, Director Brendan Paddick sold 45,600 shares of the firm's 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 sale, the director directly owned 1,136,353 shares of the company's stock, valued at C$53,426,772.65. This trade represents a 3.86% decrease in their ownership of the stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Canaccord Genuity Group decreased their price target on MDA Space from C$54.00 to C$47.00 in a report on Tuesday, September 9th. BMO Capital Markets decreased their price target on MDA Space from C$53.00 to C$40.00 and set an "outperform" rating on the stock in a report on Tuesday, September 9th. Royal Bank Of Canada cut their price objective on 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. Desjardins cut their price objective on 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. Finally, Scotiabank cut their price objective on 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. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, MDA Space 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 cap of C$3.85 billion, a PE ratio of 34.22 and a beta of -0.63. The company has a debt-to-equity ratio of 34.94, a current ratio of 0.83 and a quick ratio of 1.00. The company has a 50-day moving average of C$41.56 and a 200 day moving average of C$32.44.

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.