Citigroup Cuts MercadoLibre (NASDAQ:MELI) Price Target to $2,450.00

MercadoLibre (NASDAQ:MELI) had its price target decreased by Citigroup from $2,480.00 to $2,450.00 in a report published on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other research analysts have also recently issued reports about the stock. Morgan Stanley decreased their price objective on shares of MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating for the company in a report on Monday, November 11th. Redburn Atlantic started coverage on MercadoLibre in a research note on Friday, October 11th. They set a “buy” rating and a $2,800.00 price target for the company. Wedbush reiterated an “outperform” rating and set a $2,200.00 price target (up from $2,000.00) on shares of MercadoLibre in a research report on Thursday, November 7th. Susquehanna upped their price objective on MercadoLibre from $2,300.00 to $2,350.00 and gave the company a “positive” rating in a report on Wednesday, August 28th. Finally, The Goldman Sachs Group lifted their target price on MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, MercadoLibre has a consensus rating of “Moderate Buy” and a consensus price target of $2,267.67.

MercadoLibre Stock Performance

MELI stock opened at $2,044.76 on Tuesday. The company has a 50-day simple moving average of $2,023.33 and a 200 day simple moving average of $1,865.50. The company has a market capitalization of $103.67 billion, a P/E ratio of 72.15, a PEG ratio of 1.43 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. MercadoLibre has a fifty-two week low of $1,324.99 and a fifty-two week high of $2,161.73.

Hedge Funds Weigh In On MercadoLibre

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its stake in MercadoLibre by 205,108.3% in the 3rd quarter. International Assets Investment Management LLC now owns 248,302 shares of the company’s stock worth $509,506,000 after acquiring an additional 248,181 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of MercadoLibre during the 2nd quarter valued at $2,913,000. FMR LLC increased its stake in shares of MercadoLibre by 18.6% in the third quarter. FMR LLC now owns 878,996 shares of the company’s stock worth $1,803,665,000 after acquiring an additional 137,564 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of MercadoLibre by 52.9% during the third quarter. Wellington Management Group LLP now owns 349,678 shares of the company’s stock worth $717,525,000 after acquiring an additional 120,922 shares in the last quarter. Finally, Manning & Napier Advisors LLC acquired a new stake in MercadoLibre during the second quarter valued at $121,137,000. 87.62% of the stock is currently 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.