MercadoLibre (NASDAQ:MELI) Price Target Cut to $2,800.00 by Analysts at Scotiabank

MercadoLibre (NASDAQ:MELI) had its price objective reduced by stock analysts at Scotiabank from $3,500.00 to $2,800.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 50.47% from the company’s previous close.

Several other equities research analysts have also issued reports on MELI. Morgan Stanley dropped their target price on shares of MercadoLibre from $2,800.00 to $2,600.00 and set an “overweight” rating for the company in a research report on Monday, March 9th. Weiss Ratings cut shares of MercadoLibre from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 8th. Jefferies Financial Group raised shares of MercadoLibre from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $2,800.00 to $2,600.00 in a report on Tuesday, April 7th. Wedbush cut their target price on shares of MercadoLibre from $2,600.00 to $2,400.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Finally, Barclays reduced their target price on MercadoLibre from $2,600.00 to $2,500.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $2,638.67.

MercadoLibre Price Performance

Shares of NASDAQ:MELI traded up $19.73 on Thursday, hitting $1,860.87. The company’s stock had a trading volume of 445,866 shares, compared to its average volume of 528,310. The company has a market capitalization of $94.34 billion, a PE ratio of 47.23, a PEG ratio of 0.92 and a beta of 1.41. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.17 and a quick ratio of 1.15. The company has a 50-day simple moving average of $1,756.86 and a 200 day simple moving average of $1,968.42. MercadoLibre has a 1 year low of $1,593.21 and a 1 year high of $2,645.22.

MercadoLibre (NASDAQ:MELI) last issued its quarterly earnings data on Saturday, February 14th. The company reported $11.03 EPS for the quarter. The company had revenue of $8.76 billion during the quarter. MercadoLibre had a return on equity of 33.73% and a net margin of 6.91%. Sell-side analysts forecast that MercadoLibre will post 47.84 EPS for the current fiscal year.

Institutional Investors Weigh In On MercadoLibre

A number of hedge funds have recently made changes to their positions in the business. Darwin Wealth Management LLC bought a new stake in MercadoLibre in the second quarter worth $29,000. Laurel Wealth Advisors LLC bought a new position in shares of MercadoLibre during the fourth quarter valued at about $26,000. Transamerica Financial Advisors LLC purchased a new position in shares of MercadoLibre in the fourth quarter worth about $26,000. Purpose Unlimited Inc. purchased a new position in shares of MercadoLibre in the fourth quarter worth about $28,000. Finally, Steigerwald Gordon & Koch Inc. bought a new stake in shares of MercadoLibre in the 3rd quarter valued at about $35,000. 87.62% of the stock is currently owned by institutional investors.

About MercadoLibre

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.