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

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

Several other research analysts have also recently weighed in on the company. Dbs Bank upgraded MercadoLibre from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 11th. StockNews.com lowered MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Raymond James started coverage on MercadoLibre in a research note on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 target price for the company. Morgan Stanley boosted their price target on shares of MercadoLibre from $2,175.00 to $2,500.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Finally, JPMorgan Chase & Co. cut shares of MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price objective for the company. in a research report on Wednesday, October 2nd. Three equities 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.com, the company has a consensus rating of “Moderate Buy” and an average target price of $2,301.67.

MercadoLibre Stock Down 0.4 %

Shares of MELI opened at $2,047.35 on Tuesday. The stock has a 50 day moving average price of $2,045.69 and a 200 day moving average price of $1,777.82. MercadoLibre has a one year low of $1,162.73 and a one year 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 stock has a market capitalization of $103.80 billion, a price-to-earnings ratio of 73.99, a PEG ratio of 1.26 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last released 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 analyst estimates of $4.64 billion. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The company’s revenue for the quarter was up 41.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.16 earnings per share. Equities research analysts forecast that MercadoLibre will post 37.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MercadoLibre

Institutional investors and hedge funds have recently modified their holdings of the company. O Dell Group LLC grew its position in MercadoLibre by 2.1% in the 1st quarter. O Dell Group LLC now owns 294 shares of the company’s stock valued at $445,000 after acquiring an additional 6 shares in the last quarter. Belpointe Asset Management LLC grew its holdings in shares of MercadoLibre by 1.0% in the second quarter. Belpointe Asset Management LLC now owns 618 shares of the company’s stock valued at $1,016,000 after purchasing an additional 6 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in shares of MercadoLibre by 0.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,472 shares of the company’s stock valued at $2,419,000 after purchasing an additional 6 shares in the last quarter. Evolutionary Tree Capital Management LLC increased its stake in MercadoLibre by 0.3% during the 2nd quarter. Evolutionary Tree Capital Management LLC now owns 2,071 shares of the company’s stock worth $3,403,000 after buying an additional 6 shares during the period. Finally, Strategic Blueprint LLC lifted its holdings in MercadoLibre by 0.9% during the 3rd quarter. Strategic Blueprint LLC now owns 658 shares of the company’s stock worth $1,350,000 after buying an additional 6 shares in the last quarter. Hedge funds and other 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.