MDA Space (NYSE:MDA) Trading Up 6.4% – Time to Buy?

MDA Space Ltd. (NYSE:MDA) shot up 6.4% during mid-day trading on Tuesday . The stock traded as high as $33.56 and last traded at $33.47. Approximately 342,060 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 1,182,572 shares. The stock had previously closed at $31.47.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MDA. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of MDA Space in a research note on Monday, June 22nd. Jefferies Financial Group upgraded MDA Space to a “strong-buy” rating in a report on Wednesday, June 10th. ATB Cormark Capital Markets lowered MDA Space from a “moderate buy” rating to a “hold” rating in a research report on Friday, May 29th. Scotiabank restated an “outperform” rating on shares of MDA Space in a report on Monday, June 22nd. Finally, Royal Bank Of Canada increased their price objective on shares of MDA Space from $50.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.67.

MDA Space Stock Performance

The firm has a market cap of $4.68 billion and a price-to-earnings ratio of 120.43. The firm has a 50 day moving average price of $39.02.

MDA Space (NYSE:MDA) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.28 earnings per share (EPS) for the quarter, topping 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.