MercadoLibre (NASDAQ:MELI) Given New $2,500.00 Price Target at Bank of America

MercadoLibre (NASDAQ:MELI) had its price target raised by Bank of America from $2,250.00 to $2,500.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target would suggest a potential upside of 17.68% from the stock’s current price.

Several other research analysts have also weighed in on MELI. The Goldman Sachs Group upped their price objective on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. StockNews.com lowered shares of MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Dbs Bank upgraded shares of MercadoLibre from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 11th. Cantor Fitzgerald initiated coverage on shares of MercadoLibre in a research report on Thursday, September 5th. They issued an “overweight” rating and a $2,530.00 target price for the company. Finally, Citigroup boosted their target price on shares of MercadoLibre from $2,000.00 to $2,200.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $2,182.92.

MercadoLibre Trading Up 3.8 %

Shares of MELI stock traded up $78.58 during trading hours on Thursday, reaching $2,124.46. 234,117 shares of the stock traded hands, compared to its average volume of 358,101. MercadoLibre has a 1-year low of $1,141.04 and a 1-year high of $2,124.46. The business has a fifty day moving average price of $1,840.60 and a 200 day moving average price of $1,665.91. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $107.70 billion, a PE ratio of 95.05, a PEG ratio of 1.29 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last released its quarterly earnings results on Thursday, August 1st. The company reported $10.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.53 by $1.95. The business had revenue of $5.07 billion for 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 firm’s revenue was up 41.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.16 earnings per share. On average, equities research analysts forecast that MercadoLibre will post 35.22 EPS for the current year.

Institutional Trading of MercadoLibre

A number of hedge funds have recently bought and sold shares of MELI. Amalgamated Bank boosted its holdings in MercadoLibre by 22.2% in the 4th quarter. Amalgamated Bank now owns 55 shares of the company’s stock valued at $86,000 after purchasing an additional 10 shares during the period. Private Advisor Group LLC boosted its holdings in MercadoLibre by 33.2% in the 4th quarter. Private Advisor Group LLC now owns 530 shares of the company’s stock valued at $833,000 after purchasing an additional 132 shares during the period. Gryphon Financial Partners LLC raised its stake in shares of MercadoLibre by 40.9% in the 4th quarter. Gryphon Financial Partners LLC now owns 513 shares of the company’s stock valued at $861,000 after buying an additional 149 shares in the last quarter. Principal Securities Inc. acquired a new position in shares of MercadoLibre in the 4th quarter valued at $242,000. Finally, QRG Capital Management Inc. acquired a new position in shares of MercadoLibre in the 4th quarter valued at $223,000. 87.62% of the stock is owned by 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.