MAXR Stock: From $39.27 To $29.06 (26% Decrease) Intraday Explanation

By Amit Chowdhry ● May 4, 2021
  • The stock price of Maxar Technologies Inc (NYSE: MAXR) fell from $39.27 to $29.06 (26% decrease) during intraday trading. This is why it happened.

The stock price of Maxar Technologies Inc (NYSE: MAXR) – a trusted partner and innovator in Earth Intelligence and Space Infrastructure – fell from $39.27 to $29.06 (26% decrease) during intraday trading. Investors are responding negatively to the company announcing financial results for the quarter ended March 31, 2021. 

The key points from the quarter include:

— Net loss of $84 million, inclusive of a $28 million charge related to the SXM-7 satellite program and a $41 million loss on debt extinguishment from the early repayment of our 2023 Notes

— Diluted loss per share of $1.30

— Consolidated revenues of $392 million and Adjusted EBITDA1 of $67 million, both inclusive of the $28 million SXM-7 charge

— Completed the public offering of 10 million shares of common stock at a public offering price of $40 per share and used the proceeds to repay $350 million in principal borrowings on our 2023 Notes

— Total debt of $2.1 billion at March 31, 2021, compared to $2.4 billion at the end of 2020

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.