MDA Space (TSE:MDA) Shares Down 8.1% on Analyst Downgrade

MDA Space Ltd. (TSE:MDA)’s share price was down 8.1% on Friday after ATB Cormark Capital Markets downgraded the stock from a moderate buy rating to a hold rating. ATB Cormark Capital Markets now has a C$67.00 price target on the stock, up from their previous price target of C$53.00. MDA Space traded as low as C$59.59 and last traded at C$61.72. Approximately 541,740 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 1,139,192 shares. The stock had previously closed at C$67.13.

A number of other research analysts have also weighed in on the stock. Desjardins raised their price target on shares of MDA Space from C$53.00 to C$55.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Canadian Imperial Bank of Commerce set a C$57.00 target price on shares of MDA Space and gave the stock an “outperformer” rating in a research note on Thursday, May 14th. Morgan Stanley raised their target price on shares of MDA Space from C$51.00 to C$58.00 in a research note on Friday, May 8th. Scotiabank raised shares of MDA Space to a “strong-buy” rating in a research note on Thursday, March 19th. Finally, Canaccord Genuity Group set a C$56.00 target price on shares of MDA Space and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Four investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of C$55.00.

MDA Space Price Performance

The company has a current ratio of 0.80, a quick ratio of 1.00 and a debt-to-equity ratio of 20.62. The company’s fifty day moving average is C$46.53 and its two-hundred day moving average is C$36.97. The stock has a market cap of C$8.53 billion, a price-to-earnings ratio of 76.85 and a beta of -0.92.

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

MDA Space Company Profile

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.