Bank of America Raises MercadoLibre (NASDAQ:MELI) Price Target to $3,000.00

MercadoLibre (NASDAQ:MELI) had its price objective increased by investment analysts at Bank of America from $2,500.00 to $3,000.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 32.74% from the company’s current price.

Several other research firms have also commented on MELI. Cantor Fitzgerald dropped their target price on MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. New Street Research raised MercadoLibre from a “neutral” rating to a “buy” rating and raised their target price for the stock from $2,000.00 to $2,300.00 in a report on Thursday, January 30th. BTIG Research dropped their target price 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. Barclays dropped their price objective on MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Finally, Citigroup dropped their price objective on MercadoLibre from $2,480.00 to $2,450.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, MercadoLibre presently has an average rating of “Buy” and an average price target of $2,364.06.

MercadoLibre Trading Up 7.1 %

Shares of NASDAQ:MELI opened at $2,260.00 on Friday. MercadoLibre has a 52-week low of $1,324.99 and a 52-week high of $2,374.54. The stock has a market cap of $114.58 billion, a price-to-earnings ratio of 59.95, a PEG ratio of 1.12 and a beta of 1.62. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. The business has a 50-day moving average price of $1,867.29 and a 200-day moving average price of $1,957.32.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings data on Thursday, February 20th. The company reported $12.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.21 by $2.40. MercadoLibre had a return on equity of 51.89% and a net margin of 9.20%. The firm had revenue of $6.06 billion during the quarter, compared to analysts’ expectations of $5.94 billion. Equities analysts predict that MercadoLibre will post 43.96 EPS for the current year.

Insider Buying and Selling at MercadoLibre

In other news, Director Emiliano Calemzuk sold 50 shares of MercadoLibre stock in a transaction on Friday, November 29th. The stock was sold at an average price of $1,984.98, for a total value of $99,249.00. Following the completion of the sale, the director now directly owns 238 shares of the company’s stock, valued at approximately $472,425.24. The trade was a 17.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On MercadoLibre

Institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio acquired a new stake in shares of MercadoLibre in the third quarter valued at $114,417,000. Principal Financial Group Inc. grew its stake in shares of MercadoLibre by 20.9% in the third quarter. Principal Financial Group Inc. now owns 59,430 shares of the company’s stock valued at $121,948,000 after buying an additional 10,272 shares in the last quarter. KBC Group NV grew its stake in MercadoLibre by 205.5% during the 3rd quarter. KBC Group NV now owns 26,279 shares of the company’s stock worth $53,923,000 after purchasing an additional 17,677 shares in the last quarter. Nordea Investment Management AB grew its stake in MercadoLibre by 37.8% during the 4th quarter. Nordea Investment Management AB now owns 157,688 shares of the company’s stock worth $271,897,000 after purchasing an additional 43,215 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd grew its stake in MercadoLibre by 40.0% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 2,728 shares of the company’s stock worth $5,598,000 after purchasing an additional 780 shares in the last quarter. 87.62% of the stock is owned by institutional investors and hedge funds.

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.