MDA Space Ltd. (NYSE:MDA) Stock Short Interest Rises 53.8%

Key Points

• Short interest surged 53.8% to 4.40 million shares as of September 15, representing 2.7% of shares outstanding and 3.4 days of average trading volume.
• Analysts remain broadly positive, with an overall “Moderate Buy” rating and an average price target of $50.00, despite one downgrade to “Hold.”
• MDA Space exceeded quarterly expectations, reporting $0.26 in EPS versus $0.24 expected and $360.18 million in revenue versus the $321.87 million consensus estimate.

MDA Space Ltd. (NYSE:MDA - Get Free Report) saw a significant growth in short interest in September. As of September 15th, there was short interest totaling 4,395,904 shares, a growth of 53.8% from the August 31st total of 2,858,256 shares. Based on an average daily trading volume, of 1,284,109 shares, the short-interest ratio is presently 3.4 days. Approximately 2.7% of the shares of the stock are short sold.

Analyst Ratings Changes

MDA has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $41.00 target price on shares of MDA Space in a research report on Monday, August 10th. Scotiabank reaffirmed an "outperform" rating on shares of MDA Space in a report on Monday, June 22nd. Weiss Ratings downgraded MDA Space from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 18th. Royal Bank Of Canada reissued an "outperform" rating and set a $60.00 price objective on shares of MDA Space in a report on Monday, August 17th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $49.00 price objective on shares of MDA Space in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $50.00.

Hedge Funds Weigh In On MDA Space

A number of large investors have recently modified their holdings of MDA. Envestnet Asset Management Inc. bought a new stake in MDA Space in the 2nd quarter worth approximately $317,000. The Manufacturers Life Insurance Company purchased a new position in shares of MDA Space during the second quarter worth approximately $5,114,000. Tidal Investments LLC bought a new stake in shares of MDA Space in the 2nd quarter worth approximately $53,428,000. Squarepoint Ops LLC bought a new stake in shares of MDA Space in the 2nd quarter worth approximately $818,000. Finally, Baird Financial Group Inc. bought a new stake in shares of MDA Space in the 2nd quarter worth approximately $1,730,000.

MDA Space Stock Performance

Shares of NYSE:MDA opened at $29.61 on Thursday. The stock has a market capitalization of $4.80 billion and a price-to-earnings ratio of 54.83. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.72. MDA Space has a 52-week low of $23.23 and a 52-week high of $49.37. The stock has a fifty day moving average of $31.00.

MDA Space (NYSE:MDA - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. MDA Space had a return on equity of 9.42% and a net margin of 5.68%.The business had revenue of $360.18 million for the quarter, compared to the consensus estimate of $321.87 million. On average, sell-side analysts forecast that MDA Space will post 0.96 EPS for the current fiscal year.

About MDA Space

MDA Space is a Canadian space technology company that develops and delivers systems, products and services for government and commercial customers. Its capabilities span satellite communications, Earth observation, space robotics, geointelligence and space exploration.

The company designs and builds satellite systems and payloads, robotics and servicing technologies, and data and analytics solutions. Its historical work includes major contributions to the Canadarm, Canadarm2 and Dextre robotic systems used in space, as well as technologies supporting Earth-observation programs such as RADARSAT.

Headquartered in Brampton, Ontario, MDA Space serves customers in Canada and international markets.

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