Medpace (NASDAQ:MEDP) Shares Gap Down – Here’s Why

Medpace Holdings, Inc. (NASDAQ:MEDP) shares gapped down before the market opened on Tuesday . The stock had previously closed at $352.01, but opened at $341.76. Medpace shares last traded at $340.52, with a volume of 56,816 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group lowered shares of Medpace from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $415.00 to $345.00 in a research note on Wednesday, September 25th. TD Cowen dropped their price target on shares of Medpace from $413.00 to $372.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Baird R W cut shares of Medpace from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 23rd. UBS Group cut shares of Medpace from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $420.00 to $350.00 in a report on Friday, September 27th. Finally, Truist Financial reduced their target price on shares of Medpace from $415.00 to $397.00 and set a “hold” rating for the company in a report on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $380.56.

Medpace Stock Performance

The business’s 50 day moving average is $341.36 and its 200-day moving average is $358.26. The firm has a market capitalization of $10.38 billion, a price-to-earnings ratio of 29.25, a price-to-earnings-growth ratio of 1.80 and a beta of 1.36.

Medpace (NASDAQ:MEDP) last issued its earnings results on Monday, October 21st. The company reported $3.01 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.24. Medpace had a net margin of 17.66% and a return on equity of 50.87%. The business had revenue of $533.32 million for the quarter, compared to analyst estimates of $540.99 million. During the same period in the previous year, the business earned $2.22 EPS. The firm’s revenue was up 8.3% on a year-over-year basis. Equities research analysts forecast that Medpace Holdings, Inc. will post 11.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Medpace

Institutional investors and hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. raised its stake in shares of Medpace by 175.6% during the third quarter. Baillie Gifford & Co. now owns 14,876 shares of the company’s stock worth $4,966,000 after buying an additional 9,478 shares during the last quarter. Pallas Capital Advisors LLC boosted its holdings in shares of Medpace by 179.7% in the fourth quarter. Pallas Capital Advisors LLC now owns 3,270 shares of the company’s stock valued at $1,086,000 after buying an additional 2,101 shares during the period. Barclays PLC boosted its holdings in Medpace by 71.9% during the third quarter. Barclays PLC now owns 19,781 shares of the company’s stock worth $6,603,000 after purchasing an additional 8,275 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in Medpace by 6.3% during the third quarter. Oppenheimer Asset Management Inc. now owns 45,473 shares of the company’s stock worth $15,179,000 after acquiring an additional 2,675 shares in the last quarter. Finally, CWA Asset Management Group LLC bought a new stake in Medpace during the third quarter worth $1,306,000. 77.98% of the stock is owned by institutional investors.

About Medpace

Medpace Holdings, Inc engages in the provision of outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Its services include medical department, clinical trial management, data-driven feasibility, study-start-up, clinical monitoring, regulatory affairs, patient recruitment and retention, medical writing, biometrics and data sciences, pharmacovigilance, core laboratory, laboratories, clinics, and quality assurance.