MercadoLibre (NASDAQ:MELI) Trading 0.2% Higher Following Analyst Upgrade

Shares of MercadoLibre, Inc. (NASDAQ:MELI) traded up 0.2% during trading on Wednesday after Citigroup raised their price target on the stock from $2,200.00 to $2,480.00. Citigroup currently has a buy rating on the stock. MercadoLibre traded as high as $2,075.24 and last traded at $2,072.33. 27,076 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 346,950 shares. The stock had previously closed at $2,067.82.

Other analysts also recently issued research reports about the stock. Dbs Bank upgraded shares of MercadoLibre from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 11th. Redburn Atlantic initiated coverage on shares of MercadoLibre in a report on Friday, October 11th. They set a “buy” rating and a $2,800.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $2,530.00 price objective on shares of MercadoLibre in a report on Monday, October 7th. Barclays raised their price objective on shares of MercadoLibre from $2,100.00 to $2,500.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Finally, Susquehanna raised their price objective on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a report on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $2,301.67.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Raymond James & Associates increased its stake in shares of MercadoLibre by 4.8% in the second quarter. Raymond James & Associates now owns 34,840 shares of the company’s stock worth $57,256,000 after buying an additional 1,604 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of MercadoLibre by 20.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 27,642 shares of the company’s stock worth $41,794,000 after buying an additional 4,658 shares during the period. Caprock Group LLC increased its stake in shares of MercadoLibre by 143.7% in the second quarter. Caprock Group LLC now owns 580 shares of the company’s stock worth $955,000 after buying an additional 342 shares during the period. Sarasin & Partners LLP increased its stake in shares of MercadoLibre by 168.5% in the second quarter. Sarasin & Partners LLP now owns 45,407 shares of the company’s stock worth $74,622,000 after buying an additional 28,494 shares during the period. Finally, Privium Fund Management UK Ltd purchased a new position in shares of MercadoLibre in the second quarter worth $875,000. 87.62% of the stock is owned by hedge funds and other institutional investors.

MercadoLibre Trading Up 0.8 %

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 firm’s 50 day moving average is $2,044.50 and its 200 day moving average is $1,775.88. The company has a market capitalization of $104.23 billion, a PE ratio of 91.99, a P/E/G ratio of 1.25 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $10.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.53 by $1.95. The business had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $4.64 billion. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The company’s quarterly revenue was up 41.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.16 EPS. As a group, equities analysts predict that MercadoLibre, Inc. will post 37.55 EPS for the current year.

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.