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

Medpace Holdings, Inc. (NASDAQ:MEDP)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $354.51, but opened at $340.77. Medpace shares last traded at $325.77, with a volume of 146,309 shares.

Analysts Set New Price Targets

A number of analysts recently commented on the company. TD Cowen dropped their price target on Medpace from $413.00 to $372.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Redburn Atlantic assumed coverage on shares of Medpace in a report on Monday, October 14th. They issued a “buy” rating and a $404.00 price target on the stock. William Blair reiterated an “outperform” rating on shares of Medpace in a research note on Tuesday, October 22nd. Baird R W cut Medpace from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 23rd. Finally, Truist Financial cut their target price on shares of Medpace from $415.00 to $397.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Medpace currently has a consensus rating of “Hold” and an average price target of $381.44.

Medpace Price Performance

The business’s fifty day moving average price is $344.13 and its 200-day moving average price is $349.34. The stock has a market capitalization of $10.06 billion, a PE ratio of 28.55, a P/E/G ratio of 1.85 and a beta of 1.36.

Medpace (NASDAQ:MEDP) last announced its quarterly earnings results on Monday, February 10th. The company reported $3.67 EPS for the quarter, beating the consensus estimate of $2.96 by $0.71. Medpace had a net margin of 17.66% and a return on equity of 50.87%. On average, analysts expect that Medpace Holdings, Inc. will post 11.93 earnings per share for the current fiscal year.

Institutional Trading of Medpace

Several institutional investors and hedge funds have recently modified their holdings of the business. R Squared Ltd bought a new position in shares of Medpace in the fourth quarter worth approximately $30,000. SBI Securities Co. Ltd. bought a new position in shares of Medpace in the 4th quarter worth $31,000. Stone House Investment Management LLC purchased a new stake in shares of Medpace during the 3rd quarter valued at $33,000. Ashton Thomas Securities LLC bought a new stake in shares of Medpace during the 3rd quarter worth $37,000. Finally, Jones Financial Companies Lllp grew its position in Medpace by 2,750.0% in the fourth quarter. Jones Financial Companies Lllp now owns 114 shares of the company’s stock worth $38,000 after acquiring an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 77.98% of the company’s stock.

Medpace Company Profile

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.