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

Key Points

• The shares of MDA Space Ltd. (TSE:MDA) fell by 25% during trading, closing at C$32.99 after a peak of C$44.01.
• Analyst ratings have mostly remained positive, with multiple firms increasing their target prices, including Canaccord Genuity raising it to C$45.00.
• Recent insider transactions show significant selling activity, with officers selling a total of 288,000 shares worth over C$8.5 million within the last 90 days.

MDA Space Ltd. (TSE:MDA - Get Free Report)'s stock price was down 25% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as C$32.91 and last traded at C$32.99. Approximately 3,165,014 shares changed hands 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 MDA Space stock in a transaction dated 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 transaction, 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 position. Also, Director Brendan Paddick sold 54,400 shares of MDA Space stock in a transaction dated 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 transaction, the director directly owned 1,181,953 shares of the company's stock, valued at approximately 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 MDA Space stock in a transaction dated 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 transaction, 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 position.

Analyst Ratings Changes

A number of analysts have weighed in on MDA shares. Royal Bank Of Canada reduced their price objective on shares of MDA Space from C$53.00 to C$45.00 and set an "outperform" rating for the company in a research note on Tuesday, September 9th. BMO Capital Markets reduced their price objective on shares of 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. Desjardins reduced their price objective on shares of 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. Scotiabank reduced their price objective on shares of MDA Space from C$55.00 to C$43.00 and set an "outperform" rating for the company in a research note on Tuesday, September 9th. Finally, Canaccord Genuity Group reduced their price objective on shares of MDA Space from C$54.00 to C$47.00 in a research note on Tuesday, September 9th. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, MDA Space has a consensus rating of "Buy" and a consensus price target of C$38.44.

MDA Space Price Performance

The business's 50 day moving average price is C$41.56 and its 200 day moving average price is C$32.44. The stock has a market capitalization of C$3.85 billion, a P/E 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.

About MDA Space

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.