MercadoLibre (NASDAQ:MELI) Price Target Raised to $2,500.00

MercadoLibre (NASDAQ:MELI) had its target price boosted by Bank of America from $2,250.00 to $2,500.00 in a research report released on Thursday, Benzinga reports. Bank of America currently has a buy rating on the stock.

A number of other brokerages have also recently weighed in on MELI. Susquehanna lifted their price target on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the company a positive rating in a research report on Wednesday, August 28th. StockNews.com lowered shares of MercadoLibre from a buy rating to a hold rating in a research note on Saturday, August 10th. Dbs Bank raised shares of MercadoLibre from a hold rating to a strong-buy rating in a research note on Thursday, July 11th. BTIG Research raised their price objective on shares of MercadoLibre from $2,025.00 to $2,250.00 and gave the company a buy rating in a research note on Wednesday, August 21st. Finally, Citigroup raised their price objective on shares of MercadoLibre from $2,000.00 to $2,200.00 and gave the company a buy rating in a research note on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, MercadoLibre presently has a consensus rating of Moderate Buy and an average price target of $2,182.92.

MercadoLibre Price Performance

Shares of MELI opened at $2,122.37 on Thursday. MercadoLibre has a 1-year low of $1,141.04 and a 1-year high of $2,143.96. The stock has a market cap of $107.60 billion, a PE ratio of 94.96, a P/E/G ratio of 1.33 and a beta of 1.61. The firm has a 50-day simple moving average of $1,860.84 and a two-hundred day simple moving average of $1,673.87. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.28 and a quick ratio of 1.26.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $10.48 earnings per share for the quarter, beating analysts’ consensus estimates of $8.53 by $1.95. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The business had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $4.64 billion. During the same period last year, the business earned $5.16 earnings per share. The business’s revenue for the quarter was up 41.5% on a year-over-year basis. As a group, analysts forecast that MercadoLibre will post 35.22 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new position in MercadoLibre in the second quarter worth approximately $3,855,000. Souders Financial Advisors purchased a new stake in shares of MercadoLibre during the 2nd quarter worth approximately $204,000. New Century Financial Group LLC purchased a new stake in shares of MercadoLibre during the 2nd quarter worth approximately $220,000. Ariadne Wealth Management LP purchased a new stake in shares of MercadoLibre during the 2nd quarter worth approximately $339,000. Finally, Cetera Investment Advisers lifted its position in shares of MercadoLibre by 6.8% during the 2nd quarter. Cetera Investment Advisers now owns 6,163 shares of the company’s stock worth $10,129,000 after buying an additional 392 shares during the last quarter. Hedge funds and other institutional investors own 87.62% of the company’s stock.

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.