MercadoLibre (NASDAQ:MELI – Free Report) had its price target cut by Cantor Fitzgerald from $2,530.00 to $2,300.00 in a report released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.
A number of other equities research analysts have also weighed in on MELI. Barclays lifted their price objective on MercadoLibre from $2,100.00 to $2,500.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Bank of America lifted their price target on MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a research note on Thursday, September 12th. Raymond James initiated coverage on MercadoLibre in a research report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price objective for the company. BTIG Research boosted their target price on shares of MercadoLibre from $2,025.00 to $2,250.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Finally, JPMorgan Chase & Co. downgraded shares of MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price target for the company. in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $2,309.67.
Read Our Latest Research Report on MercadoLibre
MercadoLibre Stock Up 5.5 %
Institutional Investors Weigh In On MercadoLibre
Several hedge funds have recently modified their holdings of MELI. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of MercadoLibre by 1,600.0% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock valued at $28,000 after buying an additional 16 shares during the period. Optimum Investment Advisors raised its holdings in MercadoLibre by 750.0% in the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock valued at $35,000 after acquiring an additional 15 shares during the last quarter. Financial Connections Group Inc. purchased a new position in shares of MercadoLibre during the 2nd quarter worth $36,000. Quarry LP acquired a new stake in shares of MercadoLibre during the second quarter worth $43,000. Finally, Legacy Bridge LLC grew its position in shares of MercadoLibre by 53.3% in the third quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock valued at $47,000 after purchasing an additional 8 shares during the period. 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.
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