MercadoLibre (NASDAQ:MELI) Given New $2,400.00 Price Target at BTIG Research

Key Points

• BTIG cut its price target for MercadoLibre from $2,650 to $2,400 but kept a "buy" rating, implying about a 43.98% upside from the current share price; MarketBeat consensus remains a "Moderate Buy" with a $2,708.67 target.
• In the latest quarter MercadoLibre reported $11.03 EPS (miss vs. $11.66 est.) but revenue of $8.76 billion beat expectations and rose 44.6% year-over-year, while the stock opened at about $1,666.93, trading well below analyst targets.

MercadoLibre (NASDAQ:MELI - Get Free Report) had its price target reduced by equities research analysts at BTIG Research from $2,650.00 to $2,400.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. BTIG Research's target price points to a potential upside of 43.98% from the stock's current price.

Several other research analysts have also weighed in on the company. Zacks Research upgraded MercadoLibre from a "strong sell" rating to a "hold" rating in a research report on Friday, February 6th. Dbs Bank upgraded MercadoLibre from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, December 2nd. Itau BBA Securities reaffirmed an "outperform" rating on shares of MercadoLibre in a research note on Wednesday, February 25th. Weiss Ratings cut MercadoLibre from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, January 8th. Finally, Wedbush cut their price objective on MercadoLibre from $2,600.00 to $2,400.00 and set an "outperform" rating for the company in a research report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, MercadoLibre has a consensus rating of "Moderate Buy" and a consensus target price of $2,708.67.

MercadoLibre Price Performance

Shares of MELI stock opened at $1,666.93 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.17 and a quick ratio of 1.15. The company has a market capitalization of $84.51 billion, a PE ratio of 42.31, a price-to-earnings-growth ratio of 0.83 and a beta of 1.48. The firm's 50-day moving average is $1,959.01 and its two-hundred day moving average is $2,099.04. MercadoLibre has a 12 month low of $1,631.18 and a 12 month high of $2,645.22.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 24th. The company reported $11.03 earnings per share for the quarter, missing the consensus estimate of $11.66 by ($0.63). The firm had revenue of $8.76 billion during the quarter, compared to analysts' expectations of $8.45 billion. MercadoLibre had a net margin of 6.91% and a return on equity of 33.73%. The business's quarterly revenue was up 44.6% on a year-over-year basis. During the same period last year, the company earned $12.61 EPS. Analysts predict that MercadoLibre will post 43.96 earnings per share for the current year.

Institutional Investors Weigh In On MercadoLibre

Several institutional investors and hedge funds have recently modified their holdings of the company. Bison Wealth LLC acquired a new stake in shares of MercadoLibre during the fourth quarter worth about $206,000. Empowered Funds LLC grew its holdings in shares of MercadoLibre by 6.9% in the first quarter. Empowered Funds LLC now owns 760 shares of the company's stock valued at $1,483,000 after purchasing an additional 49 shares in the last quarter. Focus Partners Wealth increased its stake in MercadoLibre by 42.0% during the 1st quarter. Focus Partners Wealth now owns 602 shares of the company's stock worth $1,176,000 after buying an additional 178 shares during the period. Sivia Capital Partners LLC purchased a new stake in MercadoLibre during the 2nd quarter worth approximately $261,000. Finally, Wealthspire Advisors LLC lifted its holdings in MercadoLibre by 22.9% during the 2nd quarter. Wealthspire Advisors LLC now owns 430 shares of the company's stock worth $1,124,000 after buying an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 87.62% of the company's stock.

About MercadoLibre

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.