MDA Space (NYSE:MDA) Trading Down 5.9% – Here’s Why

MDA Space Ltd. (NYSE:MDA)’s share price dropped 5.9% during mid-day trading on Thursday . The stock traded as low as $35.18 and last traded at $35.37. 604,963 shares changed hands during trading, a decline of 41% from the average daily volume of 1,025,207 shares. The stock had previously closed at $37.60.

Analyst Ratings Changes

Several equities research analysts have recently commented on MDA shares. ATB Cormark Capital Markets downgraded shares of MDA Space from a “moderate buy” rating to a “hold” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. lifted their price target on shares of MDA Space from $34.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, May 14th. Canaccord Genuity Group raised shares of MDA Space to a “strong-buy” rating in a report on Wednesday, April 22nd. Scotiabank restated an “outperform” rating on shares of MDA Space in a research report on Monday. Finally, Jefferies Financial Group raised shares of MDA Space to a “strong-buy” rating in a research note on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.67.

MDA Space Trading Down 2.3%

The stock has a market cap of $5.10 billion and a price-to-earnings ratio of 131.14. The company’s 50-day simple moving average is $37.71.

MDA Space (NYSE:MDA) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.05.

About MDA Space

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.