Medpace (NASDAQ:MEDP) Shares Gap Up on Earnings Beat

Medpace Holdings, Inc. (NASDAQ:MEDP)’s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $308.88, but opened at $445.59. Medpace shares last traded at $475.14, with a volume of 1,264,945 shares changing hands.

The company reported $3.10 EPS for the quarter, topping the consensus estimate of $3.00 by $0.10. Medpace had a net margin of 18.74% and a return on equity of 54.55%. The company had revenue of $603.31 million during the quarter, compared to analysts’ expectations of $537.70 million. During the same quarter last year, the business earned $2.75 EPS. The business’s revenue was up 14.2% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MEDP. Robert W. Baird dropped their target price on shares of Medpace from $340.00 to $313.00 and set a “neutral” rating for the company in a report on Wednesday, April 23rd. Truist Financial dropped their target price on shares of Medpace from $333.00 to $300.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. William Blair restated a “market perform” rating on shares of Medpace in a report on Tuesday, April 22nd. TD Cowen downgraded shares of Medpace from a “buy” rating to a “hold” rating and dropped their target price for the company from $370.00 to $328.00 in a report on Monday, April 14th. Finally, Barclays began coverage on shares of Medpace in a report on Tuesday, June 24th. They set an “equal weight” rating and a $300.00 target price for the company. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $344.82.

Insiders Place Their Bets

In other Medpace news, Director Fred B. Davenport, Jr. sold 1,712 shares of the company’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $301.82, for a total value of $516,715.84. Following the completion of the sale, the director directly owned 2,998 shares of the company’s stock, valued at approximately $904,856.36. This represents a 36.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 20.30% of the stock is owned by insiders.

Institutional Trading of Medpace

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geneos Wealth Management Inc. increased its holdings in Medpace by 64.9% in the first quarter. Geneos Wealth Management Inc. now owns 94 shares of the company’s stock worth $29,000 after buying an additional 37 shares during the last quarter. Brooklyn Investment Group boosted its position in Medpace by 244.8% during the first quarter. Brooklyn Investment Group now owns 100 shares of the company’s stock worth $30,000 after purchasing an additional 71 shares during the period. Whittier Trust Co. boosted its position in Medpace by 47.3% during the first quarter. Whittier Trust Co. now owns 109 shares of the company’s stock worth $33,000 after purchasing an additional 35 shares during the period. Colonial Trust Co SC boosted its position in Medpace by 150.0% during the fourth quarter. Colonial Trust Co SC now owns 175 shares of the company’s stock worth $58,000 after purchasing an additional 105 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in Medpace during the first quarter worth approximately $60,000. Institutional investors and hedge funds own 77.98% of the company’s stock.

Medpace Stock Up 54.7%

The stock has a market cap of $13.73 billion, a P/E ratio of 35.52, a PEG ratio of 5.59 and a beta of 1.47. The business has a 50-day simple moving average of $307.47 and a 200-day simple moving average of $317.86.

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.