Citigroup Has Lowered Expectations for MercadoLibre (NASDAQ:MELI) Stock Price

MercadoLibre (NASDAQ:MELI) had its price objective reduced by investment analysts at Citigroup from $2,480.00 to $2,450.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 14.98% from the company’s previous close.

Several other equities analysts have also issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Bank of America lifted their price objective on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a “buy” rating in a research note on Thursday, September 12th. Morgan Stanley decreased their price objective on shares of MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. Barclays decreased their target price on shares of MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Finally, Cantor Fitzgerald reduced their target price on MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $2,267.67.

MercadoLibre Stock Up 1.5 %

Shares of NASDAQ MELI traded up $30.78 during mid-day trading on Tuesday, reaching $2,130.73. 120,374 shares of the company were exchanged, compared to its average volume of 368,736. The firm has a 50-day moving average of $2,025.06 and a 200 day moving average of $1,860.05. MercadoLibre has a 1 year low of $1,324.99 and a 1 year high of $2,161.73. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. The stock has a market cap of $108.02 billion, a price-to-earnings ratio of 75.18, a P/E/G ratio of 1.37 and a beta of 1.61.

Hedge Funds Weigh In On MercadoLibre

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in MercadoLibre by 4.1% during the first quarter. Vanguard Group Inc. now owns 189,860 shares of the company’s stock worth $287,061,000 after purchasing an additional 7,468 shares in the last quarter. Dynasty Wealth Management LLC purchased a new stake in shares of MercadoLibre in the first quarter valued at about $259,000. B. Riley Wealth Advisors Inc. raised its holdings in MercadoLibre by 2.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 1,022 shares of the company’s stock worth $1,545,000 after purchasing an additional 22 shares in the last quarter. Comerica Bank boosted its holdings in MercadoLibre by 14.4% in the 1st quarter. Comerica Bank now owns 2,068 shares of the company’s stock valued at $3,127,000 after purchasing an additional 260 shares in the last quarter. Finally, Beacon Capital Management LLC increased its position in MercadoLibre by 82.4% during the 1st quarter. Beacon Capital Management LLC now owns 62 shares of the company’s stock worth $94,000 after purchasing an additional 28 shares during the period. 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.