MDA Space (NYSE:MDA) Trading Up 8.7% – Here’s What Happened

MDA Space Ltd. (NYSE:MDA)’s share price rose 8.7% during trading on Tuesday . The company traded as high as $41.41 and last traded at $41.40. Approximately 572,872 shares changed hands during trading, a decline of 45% from the average daily volume of 1,035,390 shares. The stock had previously closed at $38.08.

Wall Street Analyst Weigh In

Several equities analysts have commented on MDA shares. Weiss Ratings downgraded shares of MDA Space from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 12th. Zacks Research upgraded MDA Space from a “strong sell” rating to a “hold” rating in a research note on Thursday, June 11th. Scotiabank reissued an “outperform” rating on shares of MDA Space in a report on Monday, June 22nd. Jefferies Financial Group upgraded shares of MDA Space to a “strong-buy” rating in a research report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. increased their target price on MDA Space from $34.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $50.67.

MDA Space Trading Up 8.4%

The firm has a market cap of $5.74 billion and a P/E ratio of 147.46. The firm’s 50 day simple moving average is $37.83.

MDA Space (NYSE:MDA) last released its earnings results on Thursday, May 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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.