MercadoLibre (NASDAQ:MELI) Given New $2,480.00 Price Target at Citigroup

MercadoLibre (NASDAQ:MELI) had its target price raised by stock analysts at Citigroup from $2,200.00 to $2,480.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 19.51% from the stock’s previous close.

A number of other equities research analysts have also commented on the company. Bank of America upped their target price on MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a research report on Thursday, September 12th. Raymond James started coverage on MercadoLibre in a research note on Friday, September 27th. They set an “outperform” rating and a $2,350.00 price objective for the company. The Goldman Sachs Group lifted their price target on MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Dbs Bank raised shares of MercadoLibre from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 11th. Finally, BTIG Research boosted 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. Three investment 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 stock. According to data from MarketBeat, MercadoLibre presently has an average rating of “Moderate Buy” and an average target price of $2,301.67.

MercadoLibre Stock Down 1.2 %

Shares of MELI stock traded down $25.49 during trading hours on Tuesday, reaching $2,075.09. 92,923 shares of the company’s stock were exchanged, compared to its average volume of 348,073. MercadoLibre has a 1 year low of $1,141.04 and a 1 year high of $2,161.73. 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 stock has a market cap of $105.20 billion, a PE ratio of 92.71, a PEG ratio of 1.25 and a beta of 1.61. The stock’s fifty day moving average price is $2,038.67 and its two-hundred day moving average price is $1,770.04.

MercadoLibre (NASDAQ:MELI) last released its earnings results on Thursday, August 1st. The company reported $10.48 earnings per share for the quarter, topping the consensus estimate of $8.53 by $1.95. The company had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $4.64 billion. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. MercadoLibre’s revenue was up 41.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.16 EPS. Research analysts predict that MercadoLibre will post 37.55 EPS for the current year.

Institutional Investors Weigh In On MercadoLibre

A number of large investors have recently made changes to their positions in MELI. GQG Partners LLC boosted its holdings in MercadoLibre by 442.2% in the 1st quarter. GQG Partners LLC now owns 794,782 shares of the company’s stock valued at $1,201,679,000 after purchasing an additional 648,198 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of MercadoLibre by 43.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 771,893 shares of the company’s stock worth $1,167,073,000 after purchasing an additional 232,787 shares during the period. Strategic Financial Concepts LLC purchased a new position in MercadoLibre during the second quarter worth about $2,913,000. Janus Henderson Group PLC raised its stake in shares of MercadoLibre by 55.8% in the 1st quarter. Janus Henderson Group PLC now owns 368,559 shares of the company’s stock valued at $557,225,000 after acquiring an additional 132,028 shares during the period. Finally, Capital World Investors lifted its holdings in shares of MercadoLibre by 12.7% in the 1st quarter. Capital World Investors now owns 845,749 shares of the company’s stock worth $1,278,738,000 after acquiring an additional 95,029 shares during the last quarter. 87.62% of the stock is currently owned by hedge funds and other 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.