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

MercadoLibre (NASDAQ:MELI) had its price objective upped by Citigroup from $2,200.00 to $2,480.00 in a report published on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Redburn Atlantic assumed coverage on MercadoLibre in a report on Friday, October 11th. They set a “buy” rating and a $2,800.00 price objective for the company. JPMorgan Chase & Co. lowered MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price objective for the company. in a report on Wednesday, October 2nd. Dbs Bank raised MercadoLibre from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 11th. Raymond James assumed coverage on MercadoLibre in a report on Friday, September 27th. They set an “outperform” rating and a $2,350.00 price objective for the company. Finally, Bank of America boosted their price objective on MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a “buy” rating in a report on Thursday, September 12th. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $2,301.67.

MercadoLibre Stock Up 0.8 %

MELI stock opened at $2,055.93 on Tuesday. The stock’s 50 day simple moving average is $2,044.50 and its 200 day simple moving average is $1,775.88. MercadoLibre has a fifty-two week low of $1,162.73 and a fifty-two week 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. The company has a market cap of $104.23 billion, a P/E ratio of 91.99, a price-to-earnings-growth ratio of 1.25 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $10.48 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $4.64 billion. During the same period in the prior year, the business earned $5.16 EPS. The firm’s revenue for the quarter was up 41.5% on a year-over-year basis. On average, research analysts expect that MercadoLibre will post 37.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MercadoLibre

Large investors have recently made changes to their positions in the stock. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of MercadoLibre by 1,600.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after acquiring an additional 16 shares during the period. Optimum Investment Advisors boosted its holdings in shares of MercadoLibre by 750.0% in the third quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock worth $35,000 after acquiring an additional 15 shares during the period. Financial Connections Group Inc. bought a new position in shares of MercadoLibre in the second quarter worth $36,000. Quarry LP bought a new position in shares of MercadoLibre in the second quarter worth $43,000. Finally, NBC Securities Inc. boosted its holdings in shares of MercadoLibre by 35.0% in the third quarter. NBC Securities Inc. now owns 27 shares of the company’s stock worth $55,000 after acquiring an additional 7 shares during the period. 87.62% of the stock is owned by 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.