MercadoLibre (NASDAQ:MELI) Upgraded to “Buy” at New Street Research

New Street Research upgraded shares of MercadoLibre (NASDAQ:MELI) from a neutral rating to a buy rating in a report issued on Thursday, MarketBeat Ratings reports. The brokerage currently has $2,300.00 target price on the stock, up from their previous target price of $2,000.00.

Several other equities analysts have also recently commented on the stock. BTIG Research reduced their price target on shares of MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Redburn Atlantic assumed coverage on MercadoLibre in a report on Friday, October 11th. They issued a “buy” rating and a $2,800.00 price target for the company. Barclays reduced their price objective on MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. Wedbush lowered their target price on shares of MercadoLibre from $2,200.00 to $2,100.00 and set an “outperform” rating for the company in a research note on Monday, January 6th. Finally, Raymond James raised MercadoLibre from an “outperform” rating to a “strong-buy” rating and set a $2,250.00 target price on the stock in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, MercadoLibre currently has an average rating of “Buy” and an average price target of $2,244.69.

MercadoLibre Stock Performance

Shares of NASDAQ:MELI opened at $1,947.32 on Thursday. The business has a 50-day moving average of $1,841.64 and a two-hundred day moving average of $1,914.92. The firm has a market capitalization of $98.73 billion, a PE ratio of 68.71, a P/E/G ratio of 1.00 and a beta of 1.60. 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 12 month low of $1,324.99 and a 12 month high of $2,161.73.

Insider Buying and Selling

In other MercadoLibre news, Director Emiliano Calemzuk sold 50 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $1,984.98, for a total value 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 represents a 17.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On MercadoLibre

Institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio acquired a new position in MercadoLibre in the third quarter worth about $114,417,000. Principal Financial Group Inc. raised its position in shares of MercadoLibre by 20.9% during the 3rd quarter. Principal Financial Group Inc. now owns 59,430 shares of the company’s stock valued at $121,948,000 after acquiring an additional 10,272 shares during the last quarter. KBC Group NV grew its stake in shares of MercadoLibre by 205.5% during the third quarter. KBC Group NV now owns 26,279 shares of the company’s stock worth $53,923,000 after purchasing an additional 17,677 shares during the period. Nordea Investment Management AB raised its holdings in MercadoLibre by 37.8% in the fourth quarter. Nordea Investment Management AB now owns 157,688 shares of the company’s stock worth $271,897,000 after purchasing an additional 43,215 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its position in shares of MercadoLibre by 40.0% during the third quarter. Y Intercept Hong Kong Ltd now owns 2,728 shares of the company’s stock worth $5,598,000 after purchasing an additional 780 shares during the period. Institutional investors own 87.62% of the company’s stock.

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.