Citigroup Issues Pessimistic Forecast for MercadoLibre (NASDAQ:MELI) Stock Price

MercadoLibre (NASDAQ:MELI) had its price objective decreased by equities researchers at Citigroup from $2,850.00 to $2,700.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 26.54% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Barclays cut their price objective on MercadoLibre from $3,100.00 to $3,000.00 and set an “overweight” rating on the stock in a report on Wednesday, July 23rd. Weiss Ratings restated a “buy (b)” rating on shares of MercadoLibre in a report on Wednesday. Daiwa Capital Markets began coverage on MercadoLibre in a report on Friday, August 1st. They set a “buy” rating and a $3,000.00 price target on the stock. Wedbush set a $2,700.00 price target on MercadoLibre and gave the stock an “outperform” rating in a report on Tuesday, August 5th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $2,750.00 price target on shares of MercadoLibre in a report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, MercadoLibre presently has an average rating of “Moderate Buy” and an average price target of $2,815.29.

MercadoLibre Price Performance

NASDAQ:MELI opened at $2,133.67 on Thursday. MercadoLibre has a 52 week low of $1,646.00 and a 52 week high of $2,645.22. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $108.18 billion, a P/E ratio of 52.70, a P/E/G ratio of 1.52 and a beta of 1.46. The stock’s fifty day moving average is $2,363.50 and its two-hundred day moving average is $2,344.22.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Key Financial Inc acquired a new stake in shares of MercadoLibre in the 1st quarter valued at about $25,000. GW&K Investment Management LLC acquired a new stake in shares of MercadoLibre in the 1st quarter valued at approximately $25,000. Close Asset Management Ltd lifted its holdings in shares of 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 period. Brooklyn Investment Group lifted its holdings in shares of 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 period. Finally, Twin Tree Management LP acquired a new position in MercadoLibre during the first quarter worth $29,000. Hedge funds and other institutional investors 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.