MercadoLibre’s (MELI) Overweight Rating Reiterated at Cantor Fitzgerald

MercadoLibre (NASDAQ:MELI)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They presently have a $2,530.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 19.45% from the stock’s current price.

Several other research firms also recently issued reports on MELI. Barclays lifted their price target on MercadoLibre from $2,000.00 to $2,100.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 6th. Susquehanna lifted their target price on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a research report on Wednesday, August 28th. Dbs Bank upgraded shares of MercadoLibre from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 11th. Morgan Stanley lifted their price objective on MercadoLibre from $2,175.00 to $2,500.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Bank of America increased their target price on MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a report on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $2,207.31.

MercadoLibre Price Performance

MercadoLibre stock traded up $14.32 during mid-day trading on Monday, reaching $2,118.07. The company had a trading volume of 46,522 shares, compared to its average volume of 355,073. The stock’s 50-day simple moving average is $1,899.17 and its 200-day simple moving average is $1,692.71. MercadoLibre has a 1 year low of $1,141.04 and a 1 year high of $2,157.64. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.28 and a quick ratio of 1.26. The company has a market capitalization of $107.38 billion, a P/E ratio of 94.77, a P/E/G ratio of 1.33 and a beta of 1.61.

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

Hedge Funds Weigh In On MercadoLibre

Several large investors have recently added to or reduced their stakes in MELI. First PREMIER Bank acquired a new position in shares of MercadoLibre during the 1st quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in MercadoLibre by 1,600.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock valued at $28,000 after purchasing an additional 16 shares during the period. Scarborough Advisors LLC acquired a new position in MercadoLibre during the fourth quarter worth approximately $36,000. Financial Connections Group Inc. purchased a new position in MercadoLibre during the second quarter worth approximately $36,000. Finally, Transcendent Capital Group LLC acquired a new position in shares of MercadoLibre in the 4th quarter valued at $38,000. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

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.