Wedbush Has Negative Outlook of MercadoLibre FY2024 Earnings

MercadoLibre, Inc. (NASDAQ:MELI) – Equities researchers at Wedbush dropped their FY2024 EPS estimates for shares of MercadoLibre in a note issued to investors on Monday, January 6th. Wedbush analyst S. Devitt now forecasts that the company will earn $31.90 per share for the year, down from their prior forecast of $32.25. Wedbush currently has a “Outperform” rating and a $2,100.00 target price on the stock. The consensus estimate for MercadoLibre’s current full-year earnings is $33.70 per share. Wedbush also issued estimates for MercadoLibre’s Q4 2024 earnings at $6.81 EPS, Q3 2025 earnings at $9.85 EPS and FY2025 earnings at $38.44 EPS.

Several other research analysts also recently commented on MELI. Citigroup decreased their price objective on MercadoLibre from $2,480.00 to $2,450.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. BTIG Research lowered their price target on MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Morgan Stanley cut their target price on shares of MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. Redburn Atlantic began coverage on MercadoLibre in a report on Friday, October 11th. They issued a “buy” rating and a $2,800.00 target price on the stock. Finally, JPMorgan Chase & Co. cut their price target on MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $2,261.00.

MercadoLibre Stock Down 1.6 %

Shares of MercadoLibre stock opened at $1,771.22 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. MercadoLibre has a twelve month low of $1,324.99 and a twelve month high of $2,161.73. The company has a market cap of $89.80 billion, a price-to-earnings ratio of 62.50, a price-to-earnings-growth ratio of 1.24 and a beta of 1.60. The company’s 50 day moving average is $1,889.35 and its 200 day moving average is $1,898.75.

Insider Activity at MercadoLibre

In other news, Director Emiliano Calemzuk sold 50 shares of MercadoLibre stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $1,984.98, for a total value of $99,249.00. Following the sale, the director now owns 238 shares of the company’s stock, valued at $472,425.24. The trade was a 17.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On MercadoLibre

A number of institutional investors have recently made changes to their positions in the stock. Optimum Investment Advisors grew its stake in shares of MercadoLibre by 750.0% in the third quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock valued at $35,000 after buying an additional 15 shares in the last quarter. Quarry LP acquired a new position in MercadoLibre in the 2nd quarter worth $43,000. Legacy Bridge LLC increased its position in shares of MercadoLibre by 53.3% during the third quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock worth $47,000 after acquiring an additional 8 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of MercadoLibre by 123.1% in the fourth quarter. GAMMA Investing LLC now owns 29 shares of the company’s stock worth $49,000 after acquiring an additional 16 shares in the last quarter. Finally, NBC Securities Inc. boosted its holdings in MercadoLibre by 35.0% in the third quarter. NBC Securities Inc. now owns 27 shares of the company’s stock valued at $55,000 after purchasing an additional 7 shares during 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.