MDA Space (TSE:MDA) Stock Price Down 8.5% – Time to Sell?

MDA Space Ltd. (TSE:MDA)’s stock price dropped 8.5% during mid-day trading on Thursday . The stock traded as low as C$50.05 and last traded at C$50.22. Approximately 1,839,675 shares were traded during mid-day trading, an increase of 56% from the average daily volume of 1,176,615 shares. The stock had previously closed at C$54.90.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Canaccord Genuity Group upped their price target on shares of MDA Space from C$56.00 to C$65.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Canadian Imperial Bank of Commerce set a C$57.00 price objective on shares of MDA Space and gave the stock an “outperformer” rating in a report on Thursday, May 14th. ATB Cormark Capital Markets cut their target price on shares of MDA Space from C$67.00 to C$62.00 and set a “sector perform” rating for the company in a research report on Monday, June 22nd. Scotiabank upped their target price on shares of MDA Space from C$70.00 to C$71.00 and gave the company a “sector outperform” rating in a report on Monday, June 22nd. Finally, Scotia increased their price target on shares of MDA Space from C$53.00 to C$70.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, MDA Space has a consensus rating of “Buy” and a consensus price target of C$63.40.

MDA Space Stock Performance

The company has a debt-to-equity ratio of 20.62, a current ratio of 0.80 and a quick ratio of 1.00. The business has a 50-day simple moving average of C$54.49 and a 200 day simple moving average of C$43.53. The firm has a market cap of C$6.68 billion, a PE ratio of 60.71 and a beta of -0.34.

MDA Space (TSE:MDA) last posted its quarterly earnings data on Thursday, May 7th. The company reported C$0.38 earnings per share for the quarter. The firm had revenue of C$464.10 million for the quarter. MDA Space had a return on equity of 7.24% and a net margin of 6.02%. Equities research analysts forecast that MDA Space Ltd. will post 0.9605084 EPS for the current year.

Insider Activity

In other news, insider Luigi Pozzebon sold 31,686 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of C$52.90, for a total transaction of C$1,676,189.40. Also, insider Holly Lynn Johnson sold 45,000 shares of MDA Space stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of C$52.79, for a total transaction of C$2,375,550.00. Following the transaction, the insider owned 60,331 shares in the company, valued at approximately C$3,184,873.49. This trade represents a 42.72% decrease in their position. In the last three months, insiders have sold 119,269 shares of company stock valued at $6,318,903. Company insiders own 12.60% of the company’s stock.

About MDA Space

Building the space between proven and possible, MDA Space (TSX:MDA; NYSE:MDA) is a trusted mission partner to the global defence and space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The global MDA Space team of more than 4,000 space experts has the knowledge and know-how to turn an audacious customer vision into an achievable mission – bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that’s been in our DNA since day one.