Citigroup Lowers MercadoLibre (NASDAQ:MELI) Price Target to $2,450.00

MercadoLibre (NASDAQ:MELI) had its price objective decreased by research analysts at Citigroup from $2,480.00 to $2,450.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 19.82% from the company’s current price.

Several other research firms have also recently issued reports on MELI. The Goldman Sachs Group upped their target price on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. StockNews.com cut shares of MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Susquehanna upped their target price on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the company a “positive” rating in a research note on Wednesday, August 28th. Redburn Atlantic assumed coverage on shares of MercadoLibre in a research note on Friday, October 11th. They set a “buy” rating and a $2,800.00 target price on the stock. Finally, BTIG Research lowered their target price on shares of MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $2,267.67.

MercadoLibre Stock Performance

Shares of MercadoLibre stock opened at $2,044.76 on Tuesday. The stock has a market cap of $103.67 billion, a price-to-earnings ratio of 72.15, a PEG ratio of 1.43 and a beta of 1.61. The firm’s 50-day moving average is $2,024.62 and its 200 day moving average is $1,864.25. MercadoLibre has a 1 year low of $1,324.99 and a 1 year high of $2,161.73. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.25 and a quick ratio of 1.22.

Institutional Investors Weigh In On MercadoLibre

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MELI. International Assets Investment Management LLC increased its holdings in MercadoLibre by 205,108.3% in the 3rd quarter. International Assets Investment Management LLC now owns 248,302 shares of the company’s stock worth $509,506,000 after acquiring an additional 248,181 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in MercadoLibre in the 2nd quarter worth approximately $2,913,000. FMR LLC increased its holdings in MercadoLibre by 18.6% in the 3rd quarter. FMR LLC now owns 878,996 shares of the company’s stock worth $1,803,665,000 after acquiring an additional 137,564 shares in the last quarter. Wellington Management Group LLP grew its holdings in MercadoLibre by 52.9% during the 3rd quarter. Wellington Management Group LLP now owns 349,678 shares of the company’s stock valued at $717,525,000 after buying an additional 120,922 shares in the last quarter. Finally, Manning & Napier Advisors LLC purchased a new stake in MercadoLibre during the 2nd quarter valued at approximately $121,137,000. 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.