Medpace (NASDAQ:MEDP) Shares Gap Down – What’s Next?

Medpace Holdings, Inc. (NASDAQ:MEDP)’s stock price gapped down prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MEDP. UBS Group downgraded Medpace from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $420.00 to $350.00 in a research report on Friday, September 27th. StockNews.com downgraded shares of Medpace from a “buy” rating to a “hold” rating in a research report on Friday, September 27th. Guggenheim dropped their price objective on shares of Medpace from $464.00 to $432.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Jefferies Financial Group downgraded shares of Medpace from a “buy” rating to a “hold” rating and decreased their target price for the company from $415.00 to $345.00 in a research note on Wednesday, September 25th. Finally, Robert W. Baird downgraded shares of Medpace from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $413.00 to $349.00 in a research note on Wednesday. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $380.00.

Medpace Stock Performance

The firm has a market cap of $10.23 billion, a price-to-earnings ratio of 33.65, a price-to-earnings-growth ratio of 1.77 and a beta of 1.35. The business’s 50 day moving average price is $353.71 and its 200-day moving average price is $382.20.

Medpace (NASDAQ:MEDP) last issued its earnings results on Monday, October 21st. The company reported $3.01 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.24. Medpace had a return on equity of 55.14% and a net margin of 16.74%. The company had revenue of $533.32 million during the quarter, compared to the consensus estimate of $540.99 million. During the same period in the previous year, the firm posted $2.22 earnings per share. Medpace’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, analysts forecast that Medpace Holdings, Inc. will post 11.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Medpace

A number of institutional investors and hedge funds have recently bought and sold shares of MEDP. FORA Capital LLC acquired a new position in shares of Medpace during the first quarter valued at approximately $2,222,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Medpace in the first quarter valued at $5,179,000. Norden Group LLC boosted its stake in Medpace by 488.0% during the first quarter. Norden Group LLC now owns 29,480 shares of the company’s stock valued at $11,914,000 after buying an additional 24,466 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Medpace by 322.5% during the first quarter. QRG Capital Management Inc. now owns 10,553 shares of the company’s stock worth $4,265,000 after acquiring an additional 8,055 shares during the period. Finally, M&G Plc bought a new stake in Medpace in the first quarter worth about $9,885,000. Institutional investors own 77.98% of the company’s stock.

Medpace Company Profile

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.