MercadoLibre (NASDAQ:MELI) Trading 0.2% Higher on Analyst Upgrade

Shares of MercadoLibre, Inc. (NASDAQ:MELI) traded up 0.2% on Wednesday after Citigroup raised their price target on the stock from $2,200.00 to $2,480.00. Citigroup currently has a buy rating on the stock. MercadoLibre traded as high as $2,075.24 and last traded at $2,072.33. 27,076 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 346,950 shares. The stock had previously closed at $2,067.82.

A number of other equities research analysts have also recently weighed in on MELI. Dbs Bank upgraded MercadoLibre from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. cut MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price objective for the company. in a research note on Wednesday, October 2nd. Redburn Atlantic began coverage on MercadoLibre in a research note on Friday, October 11th. They set a “buy” rating and a $2,800.00 price objective for the company. StockNews.com cut MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Finally, The Goldman Sachs Group upped their price objective on MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $2,301.67.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Raymond James & Associates increased its holdings in shares of MercadoLibre by 4.8% in the second quarter. Raymond James & Associates now owns 34,840 shares of the company’s stock valued at $57,256,000 after purchasing an additional 1,604 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of MercadoLibre by 20.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 27,642 shares of the company’s stock valued at $41,794,000 after purchasing an additional 4,658 shares during the period. Caprock Group LLC increased its holdings in shares of MercadoLibre by 143.7% in the second quarter. Caprock Group LLC now owns 580 shares of the company’s stock valued at $955,000 after purchasing an additional 342 shares during the period. Sarasin & Partners LLP increased its holdings in shares of MercadoLibre by 168.5% in the second quarter. Sarasin & Partners LLP now owns 45,407 shares of the company’s stock valued at $74,622,000 after purchasing an additional 28,494 shares during the period. Finally, Privium Fund Management UK Ltd acquired a new position in shares of MercadoLibre in the second quarter valued at about $875,000. 87.62% of the stock is owned by institutional investors and hedge funds.

MercadoLibre Stock Down 1.4 %

The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67. The stock has a market cap of $103.36 billion, a PE ratio of 91.22, a P/E/G ratio of 1.25 and a beta of 1.61. The business has a 50 day moving average price of $2,044.50 and a 200 day moving average price of $1,775.88.

MercadoLibre (NASDAQ:MELI) last issued its earnings results on Thursday, August 1st. The company reported $10.48 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 firm had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $4.64 billion. During the same quarter in the prior year, the business earned $5.16 earnings per share. The company’s revenue was up 41.5% compared to the same quarter last year. Equities research analysts expect that MercadoLibre, Inc. will post 37.55 EPS for the current fiscal year.

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.