MercadoLibre (NASDAQ:MELI) Research Coverage Started at Scotiabank

Scotiabank initiated coverage on shares of MercadoLibre (NASDAQ:MELI) in a report published on Monday, Marketbeat.com reports. The brokerage issued a sector outperform rating and a $3,500.00 price objective on the stock.

Several other equities analysts have also recently commented on MELI. JPMorgan Chase & Co. lifted their target price on shares of MercadoLibre from $2,250.00 to $2,600.00 and gave the stock a “neutral” rating in a research report on Thursday, May 22nd. Morgan Stanley reissued an “overweight” rating on shares of MercadoLibre in a research report on Thursday, May 1st. Barclays lowered their price target on shares of MercadoLibre from $3,100.00 to $3,000.00 and set an “overweight” rating on the stock in a report on Wednesday, July 23rd. Jefferies Financial Group reaffirmed a “hold” rating and issued a $2,800.00 price target (up previously from $2,450.00) on shares of MercadoLibre in a report on Thursday, June 5th. Finally, Wall Street Zen cut shares of MercadoLibre from a “buy” rating to a “hold” rating in a report on Sunday, June 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, MercadoLibre presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,690.29.

MercadoLibre Price Performance

MercadoLibre stock opened at $2,381.39 on Monday. MercadoLibre has a 52 week low of $1,579.78 and a 52 week high of $2,645.22. The company’s 50 day moving average price is $2,463.12 and its two-hundred day moving average price is $2,215.13. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.57. The stock has a market cap of $120.74 billion, a P/E ratio of 58.57, a P/E/G ratio of 1.42 and a beta of 1.49.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Wednesday, May 7th. The company reported $9.74 EPS for the quarter, topping the consensus estimate of $7.82 by $1.92. MercadoLibre had a net margin of 9.21% and a return on equity of 48.46%. The firm had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.55 billion. During the same quarter last year, the firm earned $6.78 EPS. The company’s quarterly revenue was up 37.0% compared to the same quarter last year. On average, equities analysts predict that MercadoLibre will post 43.96 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Key Financial Inc purchased a new position in shares of MercadoLibre during the 1st quarter valued at $25,000. GW&K Investment Management LLC purchased a new position in shares of MercadoLibre during the 1st quarter valued at $25,000. Park Square Financial Group LLC purchased a new position in shares of MercadoLibre during the 4th quarter valued at $26,000. Covestor Ltd purchased a new position in shares of MercadoLibre during the 4th quarter valued at $27,000. Finally, Close Asset Management Ltd grew its position in shares of MercadoLibre by 366.7% during the 1st quarter. Close Asset Management Ltd now owns 14 shares of the company’s stock valued at $27,000 after purchasing an additional 11 shares in the last quarter. 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.