Redburn Atlantic Initiates Coverage on MercadoLibre (NASDAQ:MELI)

Equities researchers at Redburn Atlantic started coverage on shares of MercadoLibre (NASDAQ:MELI) in a report issued on Friday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $2,800.00 price target on the stock. Redburn Atlantic’s target price suggests a potential upside of 33.90% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $2,530.00 price objective on shares of MercadoLibre in a research report on Monday, October 7th. Morgan Stanley boosted their price objective on shares of MercadoLibre from $2,175.00 to $2,500.00 and gave the company an “overweight” rating in a report on Friday, September 20th. The Goldman Sachs Group lifted their price target on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. BTIG Research increased their price target on MercadoLibre from $2,025.00 to $2,250.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Finally, Citigroup lifted their price objective 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 equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $2,283.00.

MercadoLibre Stock Performance

NASDAQ MELI opened at $2,091.16 on Friday. The stock has a market cap of $106.02 billion, a PE ratio of 93.56, a P/E/G ratio of 1.25 and a beta of 1.61. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.28. The firm has a 50-day moving average of $2,012.56 and a 200-day moving average of $1,744.90. MercadoLibre has a 52-week low of $1,141.04 and a 52-week high of $2,161.73.

MercadoLibre (NASDAQ:MELI) last issued its quarterly earnings data 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 analysts’ expectations of $4.64 billion. During the same quarter in the previous year, the company posted $5.16 earnings per share. The business’s revenue was up 41.5% on a year-over-year basis. On average, sell-side analysts anticipate that MercadoLibre will post 37.55 EPS for the current year.

Institutional Trading of MercadoLibre

Hedge funds and other institutional investors have recently modified their holdings of the stock. O Dell Group LLC grew its position in MercadoLibre by 2.1% during the 1st quarter. O Dell Group LLC now owns 294 shares of the company’s stock worth $445,000 after acquiring an additional 6 shares during the last quarter. Belpointe Asset Management LLC increased its stake in shares of MercadoLibre by 1.0% in the second quarter. Belpointe Asset Management LLC now owns 618 shares of the company’s stock valued at $1,016,000 after buying an additional 6 shares during the period. Ameritas Investment Partners Inc. raised its holdings in MercadoLibre by 0.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,472 shares of the company’s stock valued at $2,419,000 after buying an additional 6 shares during the last quarter. Evolutionary Tree Capital Management LLC boosted its position in MercadoLibre by 0.3% during the 2nd quarter. Evolutionary Tree Capital Management LLC now owns 2,071 shares of the company’s stock worth $3,403,000 after buying an additional 6 shares during the period. Finally, Hilltop National Bank grew its holdings in MercadoLibre by 14.3% during the 2nd quarter. Hilltop National Bank now owns 56 shares of the company’s stock worth $92,000 after acquiring an additional 7 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.