PenderFund Capital Management Ltd. Lowers Position in MDA Space Ltd. $MDA

PenderFund Capital Management Ltd. lessened its stake in MDA Space Ltd. (NYSE:MDA) by 57.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 183,588 shares of the company’s stock after selling 252,644 shares during the quarter. MDA Space makes up about 1.0% of PenderFund Capital Management Ltd.’s holdings, making the stock its 24th largest position. PenderFund Capital Management Ltd.’s holdings in MDA Space were worth $7,586,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Tacita Capital Inc grew its holdings in MDA Space by 16,480.0% during the second quarter. Tacita Capital Inc now owns 2,487 shares of the company’s stock worth $103,000 after buying an additional 2,472 shares in the last quarter. Capstone Investment Advisors LLC bought a new position in MDA Space during the 2nd quarter valued at $276,000. Citizens Financial Group Inc. RI bought a new position in MDA Space during the 2nd quarter valued at $388,000. The Manufacturers Life Insurance Company lifted its stake in MDA Space by 9.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 124,010 shares of the company’s stock valued at $5,114,000 after acquiring an additional 10,316 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in MDA Space by 10.7% during the 2nd quarter. Legal & General Group Plc now owns 133,893 shares of the company’s stock worth $5,530,000 after acquiring an additional 12,889 shares during the last quarter.

MDA Space Trading Up 2.8%

MDA stock opened at $30.40 on Friday. The stock has a market capitalization of $4.93 billion and a PE ratio of 56.30. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.72 and a current ratio of 0.75. The stock has a fifty day simple moving average of $34.12. MDA Space Ltd. has a 1-year low of $23.23 and a 1-year high of $49.37.

MDA Space (NYSE:MDA) last announced its earnings results on Friday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. MDA Space had a return on equity of 9.42% and a net margin of 5.68%.The firm had revenue of $360.18 million during the quarter, compared to analyst estimates of $321.87 million. As a group, analysts forecast that MDA Space Ltd. will post 0.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $41.00 target price on shares of MDA Space in a research note on Monday, August 10th. Jefferies Financial Group reissued a “buy” rating and set a $49.00 price target on shares of MDA Space in a research report on Tuesday, August 11th. ATB Cormark Capital Markets downgraded shares of MDA Space from a “moderate buy” rating to a “hold” rating in a research report on Friday, May 29th. Weiss Ratings lowered shares of MDA Space from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 18th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $60.00 target price on shares of MDA Space in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, MDA Space currently has an average rating of “Moderate Buy” and an average price target of $50.00.

MDA Space 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.