Cantor Fitzgerald Boosts Earnings Estimates for MercadoLibre

MercadoLibre, Inc. (NASDAQ:MELI) – Research analysts at Cantor Fitzgerald boosted their FY2024 earnings estimates for MercadoLibre in a research report issued to clients and investors on Tuesday, January 7th. Cantor Fitzgerald analyst D. Mathivanan now anticipates that the company will earn $33.30 per share for the year, up from their previous estimate of $33.14. Cantor Fitzgerald currently has a “Overweight” rating and a $2,300.00 target price on the stock. The consensus estimate for MercadoLibre’s current full-year earnings is $33.70 per share.

MELI has been the topic of several other reports. Raymond James initiated coverage on MercadoLibre in a research report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 target price on the stock. Morgan Stanley dropped their price target on shares of MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. BTIG Research lowered their price objective 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. Citigroup cut their target price on MercadoLibre from $2,480.00 to $2,450.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. cut their price objective on MercadoLibre from $2,150.00 to $1,950.00 and set a “neutral” rating for the company in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $2,247.67.

MercadoLibre Price Performance

NASDAQ MELI opened at $1,739.00 on Thursday. The company has a 50-day moving average price of $1,883.71 and a two-hundred day moving average price of $1,897.64. The stock has a market cap of $88.16 billion, a price-to-earnings ratio of 61.36, a price-to-earnings-growth ratio of 1.24 and a beta of 1.60. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 0.78. MercadoLibre has a 52 week low of $1,324.99 and a 52 week high of $2,161.73.

Institutional Investors Weigh In On MercadoLibre

Hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new position in shares of MercadoLibre during the 3rd quarter worth about $114,417,000. KBC Group NV increased its holdings in MercadoLibre by 205.5% in the 3rd quarter. KBC Group NV now owns 26,279 shares of the company’s stock valued at $53,923,000 after buying an additional 17,677 shares during the period. Principal Financial Group Inc. raised its stake in shares of MercadoLibre by 20.9% in the 3rd quarter. Principal Financial Group Inc. now owns 59,430 shares of the company’s stock valued at $121,948,000 after buying an additional 10,272 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its position in shares of MercadoLibre by 40.0% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 2,728 shares of the company’s stock valued at $5,598,000 after acquiring an additional 780 shares in the last quarter. Finally, Caprock Group LLC increased its stake in MercadoLibre by 143.7% in the second quarter. Caprock Group LLC now owns 580 shares of the company’s stock valued at $955,000 after acquiring an additional 342 shares during the period. 87.62% of the stock is currently owned by institutional investors.

Insider Activity at MercadoLibre

In related news, Director Emiliano Calemzuk sold 50 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $1,984.98, for a total value of $99,249.00. Following the transaction, the director now directly owns 238 shares in the company, valued at approximately $472,425.24. This trade represents a 17.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.06% of the stock is owned by company insiders.

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.