Van ECK Associates Corp Purchases New Stake in MDA Space Ltd. $MDA

Van ECK Associates Corp purchased a new stake in shares of MDA Space Ltd. (NYSE:MDA) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 3,289,261 shares of the company’s stock, valued at approximately $135,771,000.

Other institutional investors have also recently bought and sold shares of the company. Tacita Capital Inc lifted its stake in shares of 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 in the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of MDA Space during the second quarter worth about $276,000. Citizens Financial Group Inc. RI bought a new stake in shares of MDA Space during the second quarter worth about $388,000. Quantbot Technologies LP bought a new stake in shares of MDA Space during the second quarter worth about $593,000. Finally, SCS Capital Management LLC acquired a new stake in shares of MDA Space in the 2nd quarter worth about $1,003,000.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of MDA Space in a research report on Monday, June 22nd. Royal Bank Of Canada reissued an “outperform” rating and set a $60.00 price objective on shares of MDA Space in a report on Monday, August 17th. ATB Cormark Capital Markets downgraded MDA Space from a “moderate buy” rating to a “hold” rating in a research note on Friday, May 29th. Zacks Research upgraded MDA Space from a “strong sell” rating to a “hold” rating in a report on Thursday, June 11th. Finally, Weiss Ratings cut MDA Space from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, MDA Space presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

MDA Space Price Performance

Shares of MDA stock opened at $28.86 on Friday. The firm has a 50-day moving average price of $33.91. The stock has a market capitalization of $4.68 billion and a P/E ratio of 53.44. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.72 and a current ratio of 0.75. MDA Space Ltd. has a one year low of $23.23 and a one year high of $49.37.

MDA Space (NYSE:MDA) last released its quarterly earnings results on Friday, August 7th. The company reported $0.26 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $321.87 million. As a group, research analysts expect that MDA Space Ltd. will post 0.95 earnings per share for the current fiscal year.

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.