Medpace (NASDAQ:MEDP) Shares Gap Down – Time to Sell?

Medpace Holdings, Inc. (NASDAQ:MEDP) shares gapped down prior to trading 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.

Analyst Upgrades and Downgrades

MEDP has been the subject of several research reports. Redburn Atlantic initiated coverage on Medpace in a research note on Monday, October 14th. They issued a “buy” rating and a $404.00 target price for the company. Truist Financial cut their target price on Medpace from $415.00 to $397.00 and set a “hold” rating for the company in a research note on Monday, October 14th. UBS Group lowered Medpace from a “buy” rating to a “neutral” rating and cut their target price for the stock from $420.00 to $350.00 in a research note on Friday, September 27th. Baird R W lowered Medpace from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group lowered Medpace from a “buy” rating to a “hold” rating and cut their target price for the stock from $415.00 to $345.00 in a research note on Wednesday, September 25th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Medpace has a consensus rating of “Hold” and an average price target of $380.56.

Medpace Stock Down 5.4 %

The company has a market cap of $10.35 billion, a P/E ratio of 29.16, a P/E/G ratio of 1.91 and a beta of 1.36. The business has a fifty day moving average of $341.77 and a 200 day moving average of $358.99.

Medpace (NASDAQ:MEDP) last announced 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. The company had revenue of $533.32 million during the quarter, compared to the consensus estimate of $540.99 million. Medpace had a return on equity of 50.87% and a net margin of 17.66%. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.22 earnings per share. On average, sell-side analysts anticipate that Medpace Holdings, Inc. will post 11.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Medpace

A number of hedge funds and other institutional investors have recently made changes to their positions in MEDP. Stone House Investment Management LLC bought a new position in shares of Medpace during the third quarter valued at approximately $33,000. Ashton Thomas Securities LLC bought a new position in Medpace in the third quarter worth $37,000. Capital Performance Advisors LLP bought a new position in Medpace in the third quarter worth $46,000. Ashton Thomas Private Wealth LLC bought a new position in Medpace in the second quarter worth $52,000. Finally, True Wealth Design LLC raised its holdings in Medpace by 16,800.0% in the third quarter. True Wealth Design LLC now owns 169 shares of the company’s stock worth $56,000 after purchasing an additional 168 shares in the last quarter. Institutional investors own 77.98% of the company’s stock.

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.