MercadoLibre (NASDAQ:MELI) Price Target Cut to $2,780.00 by Analysts at Benchmark

MercadoLibre (NASDAQ:MELI) had its price objective decreased by Benchmark from $2,875.00 to $2,780.00 in a report issued on Thursday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

MELI has been the topic of a number of other reports. Scotiabank started coverage on MercadoLibre in a research note on Monday, July 28th. They issued a “sector outperform” rating and a $3,500.00 price target on the stock. Barclays raised their price target on MercadoLibre from $2,800.00 to $2,900.00 and gave the company an “overweight” rating in a research note on Thursday. Wedbush set a $2,700.00 price target on shares of MercadoLibre and gave the company an “outperform” rating in a research note on Tuesday, August 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of MercadoLibre in a research note on Wednesday, October 8th. Finally, Susquehanna dropped their price target on shares of MercadoLibre from $2,975.00 to $2,900.00 and set a “positive” rating on the stock in a research note on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $2,790.59.

MercadoLibre Stock Up 2.8%

Shares of MELI opened at $2,360.76 on Thursday. The stock has a market capitalization of $119.69 billion, a PE ratio of 57.61, a P/E/G ratio of 1.56 and a beta of 1.46. MercadoLibre has a 1 year low of $1,646.00 and a 1 year high of $2,645.22. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. The company’s 50-day simple moving average is $2,312.61 and its 200-day simple moving average is $2,368.72.

MercadoLibre (NASDAQ:MELI) last released its earnings results on Wednesday, October 29th. The company reported $8.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.88 by ($1.56). The company had revenue of $7.41 billion during the quarter, compared to analysts’ expectations of $7.19 billion. MercadoLibre had a net margin of 7.93% and a return on equity of 41.35%. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter last year, the business posted $7.83 earnings per share. Analysts forecast that MercadoLibre will post 43.96 earnings per share for the current fiscal year.

Institutional Trading of MercadoLibre

A number of hedge funds and other institutional investors have recently made changes to their positions in MELI. Key Financial Inc acquired a new stake in shares of MercadoLibre during the first quarter worth about $25,000. GW&K Investment Management LLC purchased a new position in MercadoLibre in the 1st quarter valued at $25,000. Close Asset Management Ltd grew its position in MercadoLibre by 366.7% in the 1st quarter. Close Asset Management Ltd now owns 14 shares of the company’s stock valued at $27,000 after buying an additional 11 shares during the last quarter. Brooklyn Investment Group grew its position in MercadoLibre by 650.0% in the 1st quarter. Brooklyn Investment Group now owns 15 shares of the company’s stock valued at $29,000 after buying an additional 13 shares during the last quarter. Finally, Twin Tree Management LP purchased a new position in MercadoLibre in the 1st quarter valued at $29,000. Institutional investors and hedge funds own 87.62% of the company’s stock.

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.