Wedbush Cuts MercadoLibre (NASDAQ:MELI) Price Target to $2,100.00

MercadoLibre (NASDAQ:MELI) had its price target lowered by equities research analysts at Wedbush from $2,200.00 to $2,100.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price would indicate a potential upside of 18.56% from the company’s previous close. Wedbush also issued estimates for MercadoLibre’s Q4 2024 earnings at $6.81 EPS, FY2024 earnings at $31.90 EPS, Q3 2025 earnings at $9.85 EPS and FY2025 earnings at $38.44 EPS.

Several other research firms have also recently weighed in on MELI. Citigroup decreased their price objective on shares of MercadoLibre from $2,480.00 to $2,450.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. JPMorgan Chase & Co. dropped their price objective on MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 13th. Morgan Stanley lowered their target price on MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating for the company in a report on Monday, November 11th. Raymond James assumed coverage on shares of MercadoLibre in a research note on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price objective for the company. Finally, Redburn Atlantic began coverage on shares of MercadoLibre in a report on Friday, October 11th. They issued a “buy” rating and a $2,800.00 price target for the company. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $2,261.00.

MercadoLibre Price Performance

MercadoLibre stock opened at $1,771.22 on Monday. The firm has a market cap of $89.80 billion, a P/E ratio of 62.50, a P/E/G ratio of 1.24 and a beta of 1.60. The stock’s 50 day moving average is $1,889.35 and its 200 day moving average is $1,898.75. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.25 and a quick ratio of 1.22. MercadoLibre has a one year low of $1,324.99 and a one year high of $2,161.73.

Insider Activity at MercadoLibre

In related news, Director Emiliano Calemzuk sold 50 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $1,984.98, for a total transaction of $99,249.00. Following the transaction, the director now directly owns 238 shares of the company’s stock, valued at $472,425.24. This trade represents a 17.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is owned by insiders.

Institutional Investors Weigh In On MercadoLibre

A number of institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC grew its holdings in shares of MercadoLibre by 3.9% in the third quarter. Jennison Associates LLC now owns 1,873,919 shares of the company’s stock valued at $3,845,207,000 after acquiring an additional 70,154 shares in the last quarter. FMR LLC boosted its position in 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 purchasing an additional 137,564 shares during the last quarter. State Street Corp grew its stake in MercadoLibre by 3.1% in the 3rd quarter. State Street Corp now owns 404,584 shares of the company’s stock valued at $830,190,000 after purchasing an additional 12,000 shares during the period. Wellington Management Group LLP increased its position in shares of MercadoLibre by 52.9% during the 3rd quarter. Wellington Management Group LLP now owns 349,678 shares of the company’s stock valued at $717,525,000 after purchasing an additional 120,922 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in shares of MercadoLibre by 3.6% during the 2nd quarter. Legal & General Group Plc now owns 323,570 shares of the company’s stock worth $531,755,000 after purchasing an additional 11,265 shares during the period. 87.62% of the stock is owned by institutional investors.

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.