MDA Space (TSE:MDA) Stock Price Down 25% - Here's Why

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 dropped 25% during trading on Tuesday . 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.

Wall Street Analysts Forecast Growth

MDA has been the topic of a number of recent analyst reports. BMO Capital Markets cut 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 research note on Tuesday. Desjardins reduced 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 note on Tuesday. Canaccord Genuity Group lowered their price objective on shares of MDA Space from C$54.00 to C$47.00 in a research note on Tuesday. Scotiabank cut their target price 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. Finally, Royal Bank Of Canada decreased their price target on MDA Space from C$53.00 to C$45.00 and set an "outperform" rating for the company in a research note on Tuesday. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of C$38.44.

MDA Space Trading Down 3.7%

The company has a current ratio of 0.83, a quick ratio of 1.00 and a debt-to-equity ratio of 34.94. The firm has a market cap of C$3.97 billion, a PE ratio of 35.31 and a beta of -0.63. The company's 50-day moving average is C$41.80 and its 200 day moving average is C$32.23.

Insiders Place Their Bets

In other news, Director John Carter Risley sold 184,230 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 1,246,020 shares in the company, valued at C$53,578,860. The trade was a 12.88% decrease in their ownership of the stock. Also, Senior Officer Holly Lynn Johnson sold 31,200 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of C$30.70, for a total transaction of C$957,840.00. Insiders sold a total of 372,230 shares of company stock worth $15,228,315 in the last ninety days. 12.60% of the stock is owned by insiders.

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.