MercadoLibre (NASDAQ:MELI) Given New $2,500.00 Price Target at Bank of America

MercadoLibre (NASDAQ:MELI) had its price objective boosted by investment analysts at Bank of America from $2,250.00 to $2,500.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 17.68% from the company’s current price.

Several other equities research analysts have also recently weighed in on MELI. Jefferies Financial Group upgraded shares of MercadoLibre from a “hold” rating to a “buy” rating and raised their price objective for the company from $1,400.00 to $2,100.00 in a research report on Monday, May 20th. Citigroup raised their price objective on shares of MercadoLibre from $2,000.00 to $2,200.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. New Street Research lowered shares of MercadoLibre from a “buy” rating to a “neutral” rating in a research note on Friday, May 24th. BTIG Research raised their target price on shares of MercadoLibre from $2,025.00 to $2,250.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. Finally, JPMorgan Chase & Co. raised their target price on shares of MercadoLibre from $2,150.00 to $2,400.00 and gave the company an “overweight” rating in a research note on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $2,182.92.

MercadoLibre Price Performance

Shares of MercadoLibre stock traded up $78.58 during mid-day trading on Thursday, reaching $2,124.46. 234,117 shares of the stock were exchanged, compared to its average volume of 358,101. The company has a market cap of $107.70 billion, a price-to-earnings ratio of 95.05, a price-to-earnings-growth ratio of 1.29 and a beta of 1.61. The company has a current ratio of 1.28, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67. The firm has a 50-day simple moving average of $1,840.60 and a 200 day simple moving average of $1,665.91. MercadoLibre has a fifty-two week low of $1,141.04 and a fifty-two week high of $2,124.46.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Thursday, August 1st. The company reported $10.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.53 by $1.95. The business had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $4.64 billion. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The firm’s revenue for the quarter was up 41.5% on a year-over-year basis. During the same quarter last year, the company posted $5.16 EPS. On average, sell-side analysts predict that MercadoLibre will post 35.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new position in MercadoLibre in the 2nd quarter valued at approximately $3,855,000. Souders Financial Advisors bought a new position in MercadoLibre in the 2nd quarter valued at approximately $204,000. New Century Financial Group LLC bought a new position in MercadoLibre in the 2nd quarter valued at approximately $220,000. Ariadne Wealth Management LP bought a new position in MercadoLibre in the 2nd quarter valued at approximately $339,000. Finally, Cetera Investment Advisers grew its position in shares of MercadoLibre by 6.8% during the 2nd quarter. Cetera Investment Advisers now owns 6,163 shares of the company’s stock worth $10,129,000 after buying an additional 392 shares during the period. Institutional investors own 87.62% of the company’s stock.

About MercadoLibre

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.