Citigroup Lowers MercadoLibre (NASDAQ:MELI) Price Target to $2,450.00

MercadoLibre (NASDAQ:MELI) had its price objective decreased by analysts at Citigroup from $2,480.00 to $2,450.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 19.82% from the stock’s previous close.

Several other equities research analysts have also issued reports on MELI. The Goldman Sachs Group lifted their target price 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. StockNews.com lowered shares of MercadoLibre from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Raymond James started coverage on shares of MercadoLibre in a report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price objective for the company. BTIG Research lowered their price objective on shares of MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Barclays lowered their price objective on shares of MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $2,267.67.

MercadoLibre Trading Down 3.1 %

Shares of MercadoLibre stock opened at $2,044.76 on Tuesday. MercadoLibre has a 1 year low of $1,324.99 and a 1 year high of $2,161.73. The firm has a market cap of $103.67 billion, a PE ratio of 72.15, a PEG ratio of 1.43 and a beta of 1.61. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.25 and a quick ratio of 1.22. The company has a 50 day simple moving average of $2,024.62 and a two-hundred day simple moving average of $1,864.25.

Institutional Trading of MercadoLibre

A number of hedge funds and other institutional investors have recently modified their holdings of MELI. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of MercadoLibre by 1,600.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after buying an additional 16 shares during the period. Optimum Investment Advisors grew its position in shares of MercadoLibre by 750.0% in the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock worth $35,000 after buying an additional 15 shares during the period. Financial Connections Group Inc. purchased a new stake in shares of MercadoLibre in the 2nd quarter worth about $36,000. Quarry LP purchased a new stake in shares of MercadoLibre in the 2nd quarter worth about $43,000. Finally, Legacy Bridge LLC grew its position in shares of MercadoLibre by 53.3% in the 3rd quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock worth $47,000 after buying an additional 8 shares during the period. 87.62% of the stock is owned by hedge funds and other 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.