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

Medpace Holdings, Inc. (NASDAQ:MEDP) gapped down before the market opened on Tuesday . The stock had previously closed at $352.92, but opened at $305.00. Medpace shares last traded at $323.35, with a volume of 413,438 shares traded.

Analyst Ratings Changes

MEDP has been the subject of several recent analyst reports. Robert W. Baird reduced their price target on Medpace from $430.00 to $413.00 and set an “outperform” rating for the company in a report on Friday, September 20th. TD Cowen reduced their target price on Medpace from $452.00 to $434.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Truist Financial decreased their target price on shares of Medpace from $415.00 to $397.00 and set a “hold” rating on the stock in a research report on Monday, October 14th. UBS Group downgraded shares of Medpace from a “buy” rating to a “neutral” rating and cut their price target for the company from $420.00 to $350.00 in a report on Friday, September 27th. Finally, William Blair reiterated an “outperform” rating on shares of Medpace in a research note on Wednesday, September 11th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Medpace presently has a consensus rating of “Moderate Buy” and a consensus target price of $394.00.

Medpace Stock Performance

The company has a 50-day moving average of $355.97 and a 200-day moving average of $383.09. The stock has a market capitalization of $10.10 billion, a price-to-earnings ratio of 31.92, a P/E/G ratio of 1.77 and a beta of 1.35.

Medpace (NASDAQ:MEDP) last posted its quarterly earnings data on Monday, October 21st. The company reported $3.01 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.24. Medpace had a net margin of 16.74% and a return on equity of 55.14%. The business had revenue of $533.32 million during the quarter, compared to analyst estimates of $540.99 million. During the same quarter in the previous year, the business posted $2.22 earnings per share. The company’s revenue was up 8.3% on a year-over-year basis. As a group, analysts expect that Medpace Holdings, Inc. will post 11.64 earnings per share for the current year.

Hedge Funds Weigh In On Medpace

Several large investors have recently added to or reduced their stakes in MEDP. TD Asset Management Inc increased its stake in shares of Medpace by 22.9% during the 1st quarter. TD Asset Management Inc now owns 574,149 shares of the company’s stock valued at $232,042,000 after acquiring an additional 107,108 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Medpace by 38.3% in the second quarter. Renaissance Technologies LLC now owns 443,588 shares of the company’s stock valued at $182,692,000 after purchasing an additional 122,800 shares during the period. Epoch Investment Partners Inc. increased its position in Medpace by 15.3% during the first quarter. Epoch Investment Partners Inc. now owns 406,446 shares of the company’s stock worth $164,265,000 after purchasing an additional 53,983 shares during the last quarter. Clearbridge Investments LLC raised its stake in Medpace by 55.1% during the second quarter. Clearbridge Investments LLC now owns 403,892 shares of the company’s stock worth $166,343,000 after purchasing an additional 143,481 shares during the period. Finally, Bessemer Group Inc. boosted its holdings in shares of Medpace by 1.6% in the 1st quarter. Bessemer Group Inc. now owns 394,834 shares of the company’s stock valued at $159,572,000 after purchasing an additional 6,137 shares during the last quarter. 77.98% of the stock is currently owned by hedge funds and other institutional investors.

About Medpace

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services.