MercadoLibre (NASDAQ:MELI) Price Target Lowered to $2,850.00 at Citigroup

MercadoLibre (NASDAQ:MELI) had its price objective cut by Citigroup from $2,900.00 to $2,850.00 in a report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $2,700.00 target price on shares of MercadoLibre in a research report on Tuesday, August 5th. Daiwa Capital Markets assumed coverage on shares of MercadoLibre in a research report on Friday, August 1st. They set a “buy” rating and a $3,000.00 target price on the stock. Scotiabank assumed coverage on shares of MercadoLibre in a research report on Monday, July 28th. They set a “sector outperform” rating and a $3,500.00 target price on the stock. Jefferies Financial Group reaffirmed a “hold” rating and set a $2,800.00 target price on shares of MercadoLibre in a research report on Tuesday, August 5th. Finally, Susquehanna reissued a “positive” rating and issued a $2,975.00 price target (up previously from $2,840.00) on shares of MercadoLibre in a report on Thursday, June 26th. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, MercadoLibre has an average rating of “Moderate Buy” and a consensus price target of $2,817.22.

MercadoLibre Trading Down 1.2%

Shares of MELI stock opened at $2,364.01 on Monday. MercadoLibre has a 1 year low of $1,646.00 and a 1 year high of $2,645.22. The firm’s fifty day simple moving average is $2,412.88 and its 200 day simple moving average is $2,266.66. The firm has a market capitalization of $119.86 billion, a P/E ratio of 58.39, a price-to-earnings-growth ratio of 1.52 and a beta of 1.46. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $12.01 by ($1.70). MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.57 billion. During the same period last year, the firm posted $10.48 EPS. The company’s revenue was up 33.8% compared to the same quarter last year. As a group, sell-side analysts predict that MercadoLibre will post 43.96 EPS for the current year.

Institutional Investors Weigh In On MercadoLibre

Several large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of MercadoLibre by 41.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,394,255 shares of the company’s stock worth $2,370,848,000 after purchasing an additional 405,425 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of MercadoLibre by 7.0% in the 2nd quarter. Jennison Associates LLC now owns 1,235,240 shares of the company’s stock worth $3,228,460,000 after purchasing an additional 81,124 shares during the last quarter. Lavaca Capital LLC grew its holdings in shares of MercadoLibre by 140,201.3% in the 2nd quarter. Lavaca Capital LLC now owns 1,066,290 shares of the company’s stock worth $2,786,888,000 after purchasing an additional 1,065,530 shares during the last quarter. Invesco Ltd. grew its holdings in shares of MercadoLibre by 22.4% in the 1st quarter. Invesco Ltd. now owns 570,967 shares of the company’s stock worth $1,113,881,000 after purchasing an additional 104,554 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of MercadoLibre by 21.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 550,433 shares of the company’s stock worth $1,073,823,000 after purchasing an additional 96,283 shares during the last quarter. 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.