MDA Space (NYSE:MDA) Trading Up 4.7% - Time to Buy?

Key Points

• MDA Space shares rose 4.7% to about $30.16 in mid-day trading, although volume was roughly 70% below the average session level.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $50.00; ratings include one Strong Buy, six Buys, and three Holds.
• The company exceeded quarterly expectations, reporting $0.26 EPS versus $0.24 expected and revenue of $360.18 million versus $321.87 million. Several institutional investors also initiated or increased positions during the second quarter.

Shares of MDA Space Ltd. (NYSE:MDA - Get Free Report) rose 4.7% during mid-day trading on Thursday . The company traded as high as $30.23 and last traded at $30.16. Approximately 370,482 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 1,236,540 shares. The stock had previously closed at $28.81.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Zacks Research upgraded shares of MDA Space from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 11th. Royal Bank Of Canada reissued an "outperform" rating and issued a $60.00 price target on shares of MDA Space in a research report on Monday, August 17th. ATB Cormark Capital Markets cut shares of MDA Space from a "moderate buy" rating to a "hold" rating in a research note on Friday, May 29th. Jefferies Financial Group reaffirmed a "buy" rating and set a $49.00 price objective on shares of MDA Space in a report on Tuesday, August 11th. Finally, Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of MDA Space in a research note on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $50.00.

MDA Space Stock Performance

The company has a current ratio of 0.75, a quick ratio of 0.72 and a debt-to-equity ratio of 0.19. The company's 50 day simple moving average is $32.42. The stock has a market cap of $4.86 billion and a P/E ratio of 55.52.

MDA Space (NYSE:MDA - Get Free Report) last announced its earnings results on Friday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. MDA Space had a net margin of 5.68% and a return on equity of 9.42%. The business had revenue of $360.18 million during the quarter, compared to analysts' expectations of $321.87 million. As a group, analysts predict that MDA Space Ltd. will post 0.95 EPS for the current year.

Institutional Investors Weigh In On MDA Space

A number of institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp bought a new stake in shares of MDA Space in the 2nd quarter valued at about $135,771,000. Tidal Investments LLC bought a new position in MDA Space during the 2nd quarter worth approximately $53,428,000. Caisse de depot et placement du Quebec grew its holdings in MDA Space by 13.7% during the second quarter. Caisse de depot et placement du Quebec now owns 785,799 shares of the company's stock valued at $32,457,000 after purchasing an additional 94,799 shares during the period. TD Waterhouse Canada Inc. acquired a new position in MDA Space during the second quarter valued at approximately $28,441,000. Finally, Allianz Asset Management GmbH bought a new stake in MDA Space in the second quarter valued at approximately $15,665,000.

MDA Space Company Profile

MDA Space Ltd is a developer and manufacturer of technology and services to the space industry. It is an international space mission partner and robotics, satellite systems, and geo-intelligence pioneer. It is engaged in communications satellites, Earth and space observation, space exploration, and infrastructure. The Company collaborates and partners with governments and space agencies, commercial space companies, and defence and aerospace prime contractors in the space industry. Geographically, it generates the majority of its revenue from Canada.

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