MercadoLibre (NASDAQ:MELI) Price Target Raised to $2,650.00

MercadoLibre (NASDAQ:MELI) had its price objective raised by investment analysts at JPMorgan Chase & Co. from $2,600.00 to $2,650.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 11.85% from the company’s current price.

Several other brokerages also recently weighed in on MELI. Citigroup cut their target price on shares of MercadoLibre from $2,850.00 to $2,700.00 and set a “buy” rating on the stock in a research note on Thursday, October 9th. Daiwa Capital Markets started coverage on MercadoLibre in a research note on Friday, August 1st. They set a “buy” rating and a $3,000.00 target price for the company. Jefferies Financial Group reaffirmed a “hold” rating and issued a $2,800.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. Susquehanna cut their target price on shares of MercadoLibre from $2,975.00 to $2,900.00 and set a “positive” rating on the stock in a research note on Monday, October 13th. Finally, Benchmark decreased their price objective on shares of MercadoLibre from $2,875.00 to $2,780.00 and set a “buy” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $2,799.41.

MercadoLibre Trading Up 1.8%

NASDAQ MELI traded up $41.92 during trading hours on Monday, reaching $2,369.18. The company had a trading volume of 102,861 shares, compared to its average volume of 409,108. The stock has a 50-day moving average of $2,310.58 and a 200 day moving average of $2,374.68. 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 has a 1-year low of $1,646.00 and a 1-year high of $2,645.22. The stock has a market capitalization of $120.11 billion, a P/E ratio of 57.98, a price-to-earnings-growth ratio of 1.56 and a beta of 1.46.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Wednesday, October 29th. The company reported $8.32 earnings per share for the quarter, missing the consensus estimate of $9.88 by ($1.56). MercadoLibre had a net margin of 7.93% and a return on equity of 41.35%. The company had revenue of $7.41 billion during the quarter, compared to analyst estimates of $7.19 billion. During the same quarter last year, the business posted $7.83 EPS. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, research analysts anticipate that MercadoLibre will post 43.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MercadoLibre

A number of hedge funds and other institutional investors have recently made changes to their positions in MELI. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group acquired a new stake in MercadoLibre during the 3rd quarter worth approximately $12,339,000. One Wealth Advisors LLC raised its position in MercadoLibre by 6.9% during the 3rd quarter. One Wealth Advisors LLC now owns 249 shares of the company’s stock worth $582,000 after buying an additional 16 shares during the last quarter. Stonegate Investment Group LLC lifted its stake in shares of MercadoLibre by 9.7% in the 3rd quarter. Stonegate Investment Group LLC now owns 306 shares of the company’s stock worth $715,000 after acquiring an additional 27 shares during the period. Barlow Wealth Partners Inc. boosted its holdings in shares of MercadoLibre by 126.7% in the third quarter. Barlow Wealth Partners Inc. now owns 11,505 shares of the company’s stock valued at $26,886,000 after acquiring an additional 6,429 shares in the last quarter. Finally, Bensler LLC increased its stake in shares of MercadoLibre by 2.4% during the third quarter. Bensler LLC now owns 4,677 shares of the company’s stock worth $10,930,000 after acquiring an additional 109 shares during the period. Hedge funds and other institutional investors own 87.62% of the company’s stock.

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.