MercadoLibre (NASDAQ:MELI) Price Target Raised to $2,900.00 at Cantor Fitzgerald

MercadoLibre (NASDAQ:MELI) had its price objective increased by equities researchers at Cantor Fitzgerald from $2,700.00 to $2,900.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 16.26% from the company’s current price.

Several other research firms also recently issued reports on MELI. Wall Street Zen downgraded MercadoLibre from a “buy” rating to a “hold” rating in a research note on Sunday, June 22nd. Barclays cut their target price on MercadoLibre from $3,100.00 to $3,000.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 23rd. Susquehanna reaffirmed a “positive” rating and set a $2,975.00 target price (up previously from $2,840.00) on shares of MercadoLibre in a report on Thursday, June 26th. UBS Group set a $3,000.00 target price on shares of MercadoLibre in a research note on Monday, June 2nd. Finally, Wedbush set a $2,700.00 target price on shares of MercadoLibre and gave the stock an “outperform” rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $2,828.33.

MercadoLibre Trading Up 1.4%

MELI stock opened at $2,494.35 on Wednesday. MercadoLibre has a one year low of $1,646.00 and a one year high of $2,645.22. The stock has a market cap of $126.46 billion, a price-to-earnings ratio of 61.60, a price-to-earnings-growth ratio of 1.60 and a beta of 1.49. The company has a fifty day moving average price of $2,385.80 and a two-hundred day moving average price of $2,324.24. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.20 and a quick ratio of 1.18.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $12.01 by ($1.70). The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.The business’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.48 EPS. Equities analysts anticipate that MercadoLibre will post 43.96 EPS for the current year.

Institutional Investors Weigh In On MercadoLibre

Institutional investors have recently modified their holdings of the stock. Lavaca Capital LLC lifted its holdings in MercadoLibre by 140,201.3% in the second quarter. Lavaca Capital LLC now owns 1,066,290 shares of the company’s stock valued at $2,786,888,000 after acquiring an additional 1,065,530 shares during the period. Norges Bank purchased a new stake in shares of MercadoLibre in the second quarter worth $698,848,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in MercadoLibre by 304.7% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 255,103 shares of the company’s stock worth $666,744,000 after buying an additional 192,071 shares during the period. Assenagon Asset Management S.A. increased its stake in MercadoLibre by 170.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 274,960 shares of the company’s stock worth $536,411,000 after buying an additional 173,449 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in MercadoLibre by 22.4% during the first quarter. Invesco Ltd. now owns 570,967 shares of the company’s stock valued at $1,113,881,000 after acquiring an additional 104,554 shares during the period. 87.62% of the stock is 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.