MercadoLibre (NASDAQ:MELI) Given New $2,700.00 Price Target at Wedbush

MercadoLibre (NASDAQ:MELI) had its price objective lowered by research analysts at Wedbush from $2,800.00 to $2,700.00 in a report released on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price would suggest a potential upside of 35.02% from the stock’s current price.

A number of other equities analysts have also commented on the company. Morgan Stanley raised their price target on MercadoLibre from $2,850.00 to $2,950.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Cantor Fitzgerald decreased their price objective on MercadoLibre from $2,900.00 to $2,750.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. UBS Group cut their target price on MercadoLibre from $3,000.00 to $2,900.00 and set a “buy” rating for the company in a research note on Monday, November 24th. Benchmark reduced their target price on MercadoLibre from $2,875.00 to $2,780.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Finally, Zacks Research upgraded MercadoLibre from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 26th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, MercadoLibre presently has an average rating of “Moderate Buy” and a consensus target price of $2,842.94.

MercadoLibre Stock Performance

Shares of NASDAQ MELI traded up $35.22 during midday trading on Friday, hitting $1,999.68. The company’s stock had a trading volume of 172,099 shares, compared to its average volume of 432,857. The firm has a market capitalization of $101.38 billion, a price-to-earnings ratio of 48.80, a P/E/G ratio of 1.42 and a beta of 1.42. The company has a current ratio of 1.17, a quick ratio of 1.15 and a debt-to-equity ratio of 0.55. The stock has a fifty day moving average price of $2,100.83 and a 200 day moving average price of $2,299.67. MercadoLibre has a one year low of $1,646.00 and a one year high of $2,645.22.

MercadoLibre (NASDAQ:MELI) last released its quarterly earnings data on Wednesday, October 29th. The company reported $8.32 EPS for the quarter, missing the consensus estimate of $9.88 by ($1.56). MercadoLibre had a return on equity of 39.03% and a net margin of 7.93%.The business had revenue of $7.41 billion during the quarter, compared to the consensus estimate of $7.19 billion. During the same period last year, the business posted $7.83 earnings per share. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. On average, research analysts forecast that MercadoLibre will post 43.96 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Stelleo Tolda sold 246 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $2,047.88, for a total transaction of $503,778.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Emiliano Calemzuk sold 45 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $2,027.37, for a total value of $91,231.65. Following the completion of the sale, the director owned 257 shares of the company’s stock, valued at $521,034.09. The trade was a 14.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,136 shares of company stock valued at $2,308,788 over the last 90 days. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On MercadoLibre

A number of hedge funds have recently made changes to their positions in the business. Optimize Financial Inc grew its holdings in shares of MercadoLibre by 1.7% during the 1st quarter. Optimize Financial Inc now owns 238 shares of the company’s stock valued at $464,000 after purchasing an additional 4 shares during the last quarter. Range Financial Group LLC boosted its position in MercadoLibre by 2.7% during the second quarter. Range Financial Group LLC now owns 188 shares of the company’s stock valued at $491,000 after buying an additional 5 shares during the period. E Fund Management Hong Kong Co. Ltd. boosted its position in MercadoLibre by 26.3% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 24 shares of the company’s stock valued at $63,000 after buying an additional 5 shares during the period. Quadcap Wealth Management LLC increased its holdings in shares of MercadoLibre by 4.2% in the second quarter. Quadcap Wealth Management LLC now owns 124 shares of the company’s stock worth $324,000 after buying an additional 5 shares during the period. Finally, PFW Advisors LLC increased its holdings in shares of MercadoLibre by 4.8% in the third quarter. PFW Advisors LLC now owns 110 shares of the company’s stock worth $257,000 after buying an additional 5 shares during the period. 87.62% of the stock is currently 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.