MercadoLibre (NASDAQ:MELI) Shares Gap Down to $2,066.12

MercadoLibre, Inc. (NASDAQ:MELI) shares gapped down prior to trading on Wednesday . The stock had previously closed at $2,066.12, but opened at $2,001.51. MercadoLibre shares last traded at $1,977.01, with a volume of 48,383 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group raised their target price on MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Raymond James initiated coverage on shares of MercadoLibre in a research report on Friday, September 27th. They set an “outperform” rating and a $2,350.00 price target for the company. Bank of America lifted their target price on MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a research report on Thursday, September 12th. 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 report on Wednesday. Finally, Citigroup increased their target price on MercadoLibre from $2,000.00 to $2,200.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $2,217.50.

MercadoLibre Trading Down 4.1 %

The firm’s 50-day simple moving average is $1,955.98 and its 200 day simple moving average is $1,720.04. The stock has a market cap of $100.49 billion, a P/E ratio of 87.60, a PEG ratio of 1.34 and a beta of 1.61. The company has a current ratio of 1.28, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $10.48 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.07 billion during the quarter, compared to analyst estimates of $4.64 billion. During the same quarter in the previous year, the firm posted $5.16 EPS. The firm’s quarterly revenue was up 41.5% on a year-over-year basis. As a group, equities research analysts anticipate that MercadoLibre, Inc. will post 35.79 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MELI. Capital International Investors grew its position in MercadoLibre by 0.4% in the fourth quarter. Capital International Investors now owns 1,037,070 shares of the company’s stock worth $1,630,740,000 after acquiring an additional 4,317 shares in the last quarter. Capital World Investors boosted its holdings in MercadoLibre by 12.7% during the first quarter. Capital World Investors now owns 845,749 shares of the company’s stock valued at $1,278,738,000 after purchasing an additional 95,029 shares in the last quarter. GQG Partners LLC boosted its holdings in MercadoLibre by 442.2% during the first quarter. GQG Partners LLC now owns 794,782 shares of the company’s stock valued at $1,201,679,000 after purchasing an additional 648,198 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings 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 acquiring an additional 232,787 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings 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 acquiring an additional 132,028 shares in the last quarter. 87.62% of the stock is owned by institutional investors and hedge funds.

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.