MDA Space Ltd. (NYSE:MDA) Sees Large Growth in Short Interest

MDA Space Ltd. (NYSE:MDA) was the recipient of a significant growth in short interest in September. As of September 15th, there was short interest totaling 4,395,904 shares, a growth of 53.8% from the August 31st total of 2,858,256 shares. Approximately 2.7% of the company’s stock are short sold. Based on an average trading volume of 1,284,109 shares, the days-to-cover ratio is currently 3.4 days.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MDA. JPMorgan Chase & Co. raised 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. Royal Bank Of Canada reiterated an “outperform” rating and set a $60.00 price objective on shares of MDA Space in a research note on Monday, August 17th. National Bank Financial initiated coverage on shares of MDA Space in a report on Monday, September 14th. They set an “outperform” rating on the stock. Zacks Research raised shares of MDA Space from a “strong sell” rating to a “hold” rating in a report on Thursday, June 11th. Finally, Scotiabank reissued an “outperform” rating on shares of MDA Space in a research note on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.00.

MDA Space Price Performance

MDA opened at $29.89 on Friday. The stock has a market capitalization of $4.85 billion and a price-to-earnings ratio of 55.35. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.72. The company has a 50-day moving average of $30.97. MDA Space has a 1 year low of $23.23 and a 1 year high of $49.37.

MDA Space (NYSE:MDA) last released its quarterly earnings results on Friday, August 7th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. MDA Space had a net margin of 5.68% and a return on equity of 9.42%. The business had revenue of $360.18 million during the quarter, compared to analyst estimates of $321.87 million. As a group, sell-side analysts expect that MDA Space will post 0.96 EPS for the current year.

Institutional Trading of MDA Space

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tacita Capital Inc raised its stake in MDA Space by 16,480.0% in the second quarter. Tacita Capital Inc now owns 2,487 shares of the company’s stock valued at $103,000 after buying an additional 2,472 shares during the last quarter. Nykredit A S purchased a new stake in shares of MDA Space during the second quarter worth about $124,000. Amundi increased its holdings in shares of MDA Space by 10.8% during the second quarter. Amundi now owns 55,138 shares of the company’s stock valued at $2,276,000 after acquiring an additional 5,382 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of MDA Space during the second quarter valued at about $276,000. Finally, Envestnet Asset Management Inc. purchased a new position in shares of MDA Space in the second quarter worth $317,000.

MDA Space Company Profile

MDA Space is a Canadian space technology company that develops and delivers systems, products and services for government and commercial customers. Its capabilities span satellite communications, Earth observation, space robotics, geointelligence and space exploration.

The company designs and builds satellite systems and payloads, robotics and servicing technologies, and data and analytics solutions. Its historical work includes major contributions to the Canadarm, Canadarm2 and Dextre robotic systems used in space, as well as technologies supporting Earth-observation programs such as RADARSAT.

Headquartered in Brampton, Ontario, MDA Space serves customers in Canada and international markets.