MercadoLibre (NASDAQ:MELI) Research Coverage Started at New Street Research

New Street Research began coverage on shares of MercadoLibre (NASDAQ:MELI) in a report released on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $2,450.00 price objective on the stock.

A number of other analysts have also issued reports on the stock. Zacks Research upgraded shares of MercadoLibre from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Citigroup increased their price target on MercadoLibre from $1,950.00 to $2,000.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. BTIG Research restated a “buy” rating and set a $2,150.00 price objective on shares of MercadoLibre in a report on Thursday, September 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MercadoLibre in a research report on Thursday, July 2nd. Finally, Cantor Fitzgerald upped their target price on MercadoLibre from $2,150.00 to $2,300.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, MercadoLibre currently has an average rating of “Moderate Buy” and a consensus target price of $2,283.12.

MercadoLibre Trading Down 0.1%

Shares of MELI stock opened at $1,752.61 on Wednesday. The firm has a 50-day moving average price of $1,873.95 and a 200 day moving average price of $1,770.08. MercadoLibre has a twelve month low of $1,495.00 and a twelve month high of $2,548.50. The company has a market capitalization of $88.86 billion, a price-to-earnings ratio of 47.66, a PEG ratio of 1.20 and a beta of 1.31. The company has a current ratio of 1.12, a quick ratio of 1.10 and a debt-to-equity ratio of 0.53.

MercadoLibre (NASDAQ:MELI) last released its quarterly earnings results on Thursday, August 6th. The company reported $9.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.65 by $0.54. The company had revenue of $10.17 billion for the quarter, compared to analysts’ expectations of $9.79 billion. MercadoLibre had a net margin of 5.30% and a return on equity of 26.54%. The firm’s revenue for the quarter was up 49.8% compared to the same quarter last year. During the same period last year, the company earned $10.31 EPS. Research analysts forecast that MercadoLibre will post 39.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MercadoLibre

Hedge funds have recently made changes to their positions in the stock. Brown Advisory Inc. boosted its position in MercadoLibre by 2,494.9% during the 4th quarter. Brown Advisory Inc. now owns 15,362 shares of the company’s stock worth $30,943,000 after acquiring an additional 14,770 shares during the period. Thompson Siegel & Walmsley LLC grew its stake in shares of MercadoLibre by 238.3% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 2,030 shares of the company’s stock worth $4,089,000 after purchasing an additional 1,430 shares during the last quarter. CORDA Investment Management LLC. acquired a new position in MercadoLibre in the second quarter worth approximately $1,241,000. TIAA Trust National Association raised its position in shares of MercadoLibre by 10.9% during the fourth quarter. TIAA Trust National Association now owns 11,011 shares of the company’s stock worth $22,179,000 after purchasing an additional 1,083 shares during the period. Finally, Deepwater Asset Management LLC lifted its holdings in shares of MercadoLibre by 38.6% during the fourth quarter. Deepwater Asset Management LLC now owns 7,765 shares of the company’s stock valued at $15,641,000 after purchasing an additional 2,164 shares during the last quarter. Institutional investors and hedge funds own 87.62% of the company’s stock.

MercadoLibre Company Profile

MercadoLibre, Inc is a technology company that operates an online commerce and financial services ecosystem across Latin America. Founded in 1999 by Marcos Galperin, the company began as an online marketplace and has expanded into a broad platform serving consumers, merchants and businesses.

Its marketplace enables users to buy and sell products across categories, while Mercado Pago provides digital payments, online checkout, money transfers and other financial services. The company also offers Mercado Envíos logistics and fulfillment services, Mercado Ads advertising solutions, and credit products through Mercado Crédito.