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

Shares of MDA Space Ltd. (NYSE:MDA) were down 8.1% on Friday after ATB Cormark Capital Markets downgraded the stock from a moderate buy rating to a hold rating. The stock traded as low as $43.16 and last traded at $44.74. Approximately 446,414 shares changed hands during trading, a decline of 46% from the average daily volume of 826,010 shares. The stock had previously closed at $48.68.

Several other equities research analysts have also recently weighed in on MDA. Jefferies Financial Group started coverage on MDA Space in a report on Monday, April 6th. They set a “buy” rating and a $41.00 target price for the company. Canaccord Genuity Group upgraded MDA Space to a “strong-buy” rating in a report on Wednesday, April 22nd. Zacks Research cut MDA Space from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 13th. Royal Bank Of Canada increased their price objective on MDA Space from $50.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Finally, Canadian Imperial Bank of Commerce assumed coverage on MDA Space in a report on Wednesday, May 13th. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.33.

MDA Space Stock Performance

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

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.