Citigroup Increases MercadoLibre (NASDAQ:MELI) Price Target to $2,480.00

MercadoLibre (NASDAQ:MELI) had its target price raised by Citigroup from $2,200.00 to $2,480.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 21.65% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Redburn Atlantic assumed coverage on MercadoLibre in a report on Friday, October 11th. They issued a “buy” rating and a $2,800.00 target price for the company. Dbs Bank raised MercadoLibre from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 11th. BTIG Research boosted their target price on MercadoLibre from $2,025.00 to $2,250.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Raymond James began coverage on MercadoLibre in a report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 target price for the company. Finally, Barclays upped their price objective on MercadoLibre from $2,100.00 to $2,500.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $2,301.67.

MercadoLibre Trading Down 1.4 %

NASDAQ:MELI opened at $2,038.70 on Tuesday. The stock has a 50-day simple moving average of $2,044.50 and a 200-day simple moving average of $1,775.88. The stock has a market cap of $103.36 billion, a P/E ratio of 91.22, a P/E/G ratio of 1.25 and a beta of 1.61. MercadoLibre has a 1 year low of $1,162.73 and a 1 year high of $2,161.73. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.28.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Thursday, August 1st. The company reported $10.48 earnings per share for the quarter, beating the consensus estimate of $8.53 by $1.95. MercadoLibre had a return on equity of 43.52% and a net margin of 8.03%. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $4.64 billion. During the same period in the previous year, the business earned $5.16 EPS. The business’s quarterly revenue was up 41.5% on a year-over-year basis. As a group, analysts anticipate that MercadoLibre will post 37.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MercadoLibre

A number of large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of MercadoLibre by 10.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,092 shares of the company’s stock worth $33,359,000 after buying an additional 1,600 shares in the last quarter. Allworth Financial LP raised its stake in shares of MercadoLibre by 21.1% during the 3rd quarter. Allworth Financial LP now owns 339 shares of the company’s stock worth $696,000 after buying an additional 59 shares in the last quarter. Legacy Wealth Asset Management LLC raised its stake in shares of MercadoLibre by 4.2% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 398 shares of the company’s stock worth $817,000 after buying an additional 16 shares in the last quarter. BayBridge Capital Group LLC acquired a new stake in shares of MercadoLibre in the 3rd quarter worth approximately $238,000. Finally, Lake Street Advisors Group LLC acquired a new stake in shares of MercadoLibre in the 3rd quarter worth approximately $427,000. 87.62% of the stock is owned by hedge funds and other institutional investors.

MercadoLibre Company Profile

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.