BTIG Research Cuts MercadoLibre (NASDAQ:MELI) Price Target to $2,400.00

MercadoLibre (NASDAQ:MELI) had its target price reduced by BTIG Research from $2,650.00 to $2,400.00 in a report published on Friday,Benzinga reports. BTIG Research currently has a buy rating on the stock.

Several other equities analysts have also recently weighed in on MELI. Morgan Stanley lowered their price objective on shares of MercadoLibre from $2,800.00 to $2,600.00 and set an “overweight” rating on the stock in a research report on Monday, March 9th. Dbs Bank upgraded MercadoLibre from a “hold” rating to a “moderate buy” rating in a report on Tuesday, December 2nd. Wedbush decreased their target price on MercadoLibre from $2,600.00 to $2,400.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Zacks Research upgraded MercadoLibre from a “strong sell” rating to a “hold” rating in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. lowered MercadoLibre from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $2,650.00 to $2,100.00 in a research report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, MercadoLibre presently has an average rating of “Moderate Buy” and an average target price of $2,708.67.

MercadoLibre Price Performance

MELI stock opened at $1,635.76 on Friday. MercadoLibre has a one year low of $1,631.18 and a one year high of $2,645.22. The firm has a 50-day moving average of $1,948.16 and a two-hundred day moving average of $2,089.23. The firm has a market capitalization of $82.93 billion, a PE ratio of 41.52, a P/E/G ratio of 0.80 and a beta of 1.48. The company has a current ratio of 1.17, a quick ratio of 1.15 and a debt-to-equity ratio of 0.68.

MercadoLibre (NASDAQ:MELI) last released its earnings results on Tuesday, February 24th. The company reported $11.03 earnings per share for the quarter, missing the consensus estimate of $11.66 by ($0.63). MercadoLibre had a return on equity of 33.73% and a net margin of 6.91%.The firm had revenue of $8.76 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same period last year, the business earned $12.61 earnings per share. The business’s revenue was up 44.6% on a year-over-year basis. On average, analysts forecast that MercadoLibre will post 43.96 earnings per share for the current year.

Hedge Funds Weigh In On MercadoLibre

A number of hedge funds have recently added to or reduced their stakes in the company. Darwin Wealth Management LLC bought a new stake in MercadoLibre in the second quarter worth approximately $29,000. Laurel Wealth Advisors LLC bought a new position in shares of MercadoLibre during the 4th quarter valued at $26,000. Transamerica Financial Advisors LLC acquired a new stake in shares of MercadoLibre in the 4th quarter valued at $26,000. Purpose Unlimited Inc. acquired a new stake in shares of MercadoLibre in the 4th quarter valued at $28,000. Finally, Steigerwald Gordon & Koch Inc. bought a new stake in MercadoLibre in the third quarter worth $35,000. Institutional investors and hedge funds own 87.62% of the company’s stock.

MercadoLibre Company Profile

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.