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

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

A number of other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. downgraded MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price target on the stock. in a research report on Wednesday, October 2nd. Cantor Fitzgerald restated an “overweight” rating and set a $2,530.00 price target on shares of MercadoLibre in a research report on Monday, October 7th. Redburn Atlantic started coverage on MercadoLibre in a report on Friday, October 11th. They issued a “buy” rating and a $2,800.00 price objective on the stock. Barclays lifted their price objective on MercadoLibre from $2,100.00 to $2,500.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Finally, BTIG Research lifted their price objective on MercadoLibre from $2,025.00 to $2,250.00 and gave the stock a “buy” rating in a report on Wednesday, August 21st. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,301.67.

MercadoLibre Price Performance

NASDAQ:MELI opened at $2,055.93 on Tuesday. The firm has a market capitalization of $104.23 billion, a price-to-earnings ratio of 91.99, a P/E/G ratio of 1.25 and a beta of 1.61. MercadoLibre has a 52-week low of $1,162.73 and a 52-week high of $2,161.73. The stock has a fifty day moving average of $2,044.50 and a 200 day moving average of $1,775.88. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.28.

MercadoLibre (NASDAQ:MELI) last released its quarterly earnings results on Thursday, August 1st. The company reported $10.48 earnings per share for the quarter, beating 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 quarter last year, the business posted $5.16 earnings per share. The company’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 EPS for the current fiscal year.

Institutional Trading of MercadoLibre

Several large investors have recently bought and sold shares of the company. Capital World Investors boosted its position in MercadoLibre by 12.7% during the 1st quarter. Capital World Investors now owns 845,749 shares of the company’s stock valued at $1,278,738,000 after acquiring an additional 95,029 shares in the last quarter. GQG Partners LLC boosted its position in MercadoLibre by 442.2% during the 1st quarter. GQG Partners LLC now owns 794,782 shares of the company’s stock valued at $1,201,679,000 after acquiring an additional 648,198 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of MercadoLibre by 43.2% in 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 in the last quarter. Janus Henderson Group PLC boosted its position 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 worth $557,225,000 after purchasing an additional 132,028 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of MercadoLibre by 3.6% in the 2nd quarter. Legal & General Group Plc now owns 323,570 shares of the company’s stock worth $531,755,000 after purchasing an additional 11,265 shares in the last quarter. 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.