Scotiabank Cuts MDA Space (TSE:MDA) Price Target to C$43.00

Key Points

• Scotiabank has lowered its price target for MDA Space stock from C$55.00 to C$43.00, while maintaining an "outperform" rating, suggesting a potential upside of 29.52% from the current price.
• Other research firms have also adjusted their price targets for MDA Space, with Canaccord Genuity reducing it to C$47.00, Desjardins to C$43.00, and Royal Bank of Canada to C$45.00, all indicating a generally negative outlook.
• In insider trading, senior officers sold a significant number of shares, with 288,000 shares valued at $8.5 million sold in the last three months, raising concerns about insider confidence in the company.

MDA Space (TSE:MDA - Get Free Report) had its target price reduced by Scotiabank from C$55.00 to C$43.00 in a report issued on Tuesday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. Scotiabank's price target would indicate a potential upside of 39.61% from the company's current price.

A number of other research firms have also commented on MDA. Canaccord Genuity Group cut their price target on MDA Space from C$54.00 to C$47.00 in a report 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. BMO Capital Markets raised their price target on shares of MDA Space from C$33.00 to C$53.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Finally, Royal Bank Of Canada decreased their price target on shares of MDA Space from C$53.00 to C$45.00 and set an "outperform" rating on the stock in a report on Tuesday, September 9th. Six analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of C$38.44.

MDA Space Stock Performance

TSE:MDA traded down C$0.09 during trading hours on Tuesday, reaching C$30.80. The stock had a trading volume of 963,072 shares, compared to its average volume of 557,736. The stock has a market cap 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 quick ratio of 1.00 and a current ratio of 0.83. The stock has a 50 day simple moving average of C$41.56 and a 200 day simple moving average of C$32.37. MDA Space has a 12-month low of C$15.53 and a 12-month high of C$48.31.

Insider Activity at MDA Space

In related news, Director John Carter Risley sold 184,230 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of C$43.00, for a total value 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 approximately C$53,578,860. The trade was a 12.88% decrease in their ownership of the stock. Also, insider Guillaume Lavoie bought 1,220 shares of MDA Space stock in a transaction that occurred on Tuesday, September 9th. The stock was purchased at an average cost of C$33.91 per share, for a total transaction of C$41,370.20. Following the purchase, the insider owned 4,562 shares of the company's stock, valued at C$154,697.42. The trade was a 36.51% increase in their ownership of the stock. Insiders sold a total of 1,422,150 shares of company stock worth $62,507,211 in the last three months. 12.60% of the stock is owned by insiders.

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.