MDA Space (NYSE:MDA) Stock Breaks Above Fifty Day Moving Average – What’s Next?

MDA Space Ltd. (NYSE:MDA) shares crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $28.95 and traded as high as $30.95. MDA Space shares last traded at $30.75, with a volume of 1,501,311 shares traded.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MDA. Royal Bank Of Canada reissued an “outperform” rating and issued a $60.00 price target on shares of MDA Space in a research note on Monday, August 17th. Jefferies Financial Group reaffirmed a “buy” rating on shares of MDA Space in a research note on Tuesday, October 13th. Weiss Ratings cut MDA Space from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 18th. National Bank Financial assumed coverage on MDA Space in a report on Monday, September 14th. They issued an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. increased their target price on shares of MDA Space from $43.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, MDA Space has a consensus rating of “Moderate Buy” and an average price target of $50.00.

MDA Space Stock Up 8.3%

The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 0.19. The firm has a market cap of $4.99 billion and a P/E ratio of 56.94. The stock’s 50-day simple moving average is $28.95 and its 200 day simple moving average is $33.21.

MDA Space (NYSE:MDA) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. MDA Space had a return on equity of 9.42% and a net margin of 5.68%. As a group, research analysts forecast that MDA Space Ltd. will post 0.96 EPS for the current fiscal year.

Institutional Investors Weigh In On MDA Space

A number of hedge funds have recently added to or reduced their stakes in MDA. The Manufacturers Life Insurance Company bought a new position in MDA Space during the second quarter worth $5,114,000. BlackRock Inc. acquired a new stake in MDA Space in the second quarter worth $4,931,000. TD Waterhouse Canada Inc. increased its stake in MDA Space by 37.9% in the third quarter. TD Waterhouse Canada Inc. now owns 992,507 shares of the company’s stock valued at $28,630,000 after purchasing an additional 272,974 shares in the last quarter. Montrusco Bolton Investments Inc. bought a new stake in MDA Space in the third quarter valued at $12,052,000. Finally, Caisse de depot et placement du Quebec increased its stake in MDA Space by 13.7% in the second quarter. Caisse de depot et placement du Quebec now owns 785,799 shares of the company’s stock valued at $32,457,000 after purchasing an additional 94,799 shares in the last quarter.

About MDA Space

MDA Space is a Canadian space technology company that develops and provides systems and services for government, commercial and defense customers. Its work spans satellite communications, Earth observation and space robotics, supporting missions and operations on Earth and in orbit.

The company designs and builds satellites and related systems, provides geospatial data and analytics, and develops robotic technologies for space. Its robotics work includes contributions to the Canadarm2 and Dextre systems on the International Space Station, as well as work on Canadarm3, planned for the Lunar Gateway.

Founded in 1969, MDA has operated under several corporate structures, including as part of Maxar Technologies, before returning to independent ownership and adopting the MDA Space name.