MercadoLibre (NASDAQ:MELI) Price Target Lowered to $2,700.00 at Citigroup

Key Points

• Citigroup has lowered its price target for MercadoLibre (NASDAQ:MELI) from $2,850.00 to $2,700.00, indicating a potential upside of 22.19% from the company's previous close despite maintaining a "buy" rating.
• Some analysts have issued varying price targets with Susquehanna raising their target to $2,975.00 while Barclays has lowered theirs to $3,000.00, reflecting a mixed outlook among brokerages.
• MercadoLibre reported earnings of $10.31 per share, missing analysts' expectations, but with a year-over-year revenue increase of 33.8% to $6.79 billion during the latest quarter.

MercadoLibre (NASDAQ:MELI - Get Free Report) had its price target dropped by equities research analysts at Citigroup from $2,850.00 to $2,700.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's price objective indicates a potential upside of 22.19% from the company's previous close.

A number of other brokerages also recently weighed in on MELI. Susquehanna reaffirmed a "positive" rating and issued a $2,975.00 target price (up from $2,840.00) on shares of MercadoLibre in a research note on Thursday, June 26th. Daiwa Capital Markets assumed coverage on shares of MercadoLibre in a research report on Friday, August 1st. They set a "buy" rating and a $3,000.00 price target for the company. Wedbush set a $2,700.00 price target on shares of MercadoLibre and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Barclays lowered their price target on shares of MercadoLibre from $3,100.00 to $3,000.00 and set an "overweight" rating for the company in a research report on Wednesday, July 23rd. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $2,800.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold 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 $2,814.44.

MercadoLibre Price Performance

Shares of NASDAQ MELI traded up $29.71 during trading on Thursday, reaching $2,209.60. The company had a trading volume of 206,854 shares, compared to its average volume of 398,605. MercadoLibre has a 52 week low of $1,646.00 and a 52 week high of $2,645.22. The stock has a market cap of $112.02 billion, a PE ratio of 54.62, a PEG ratio of 1.46 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. The business's 50 day moving average price is $2,370.32 and its 200-day moving average price is $2,343.65.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $10.31 earnings per share for the quarter, missing analysts' consensus estimates of $12.01 by ($1.70). MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.57 billion. During the same period in the prior year, the firm posted $10.48 earnings per share. The company's revenue was up 33.8% on a year-over-year basis. Analysts expect that MercadoLibre will post 43.96 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Lavaca Capital LLC lifted its stake in MercadoLibre by 140,201.3% in the second quarter. Lavaca Capital LLC now owns 1,066,290 shares of the company's stock valued at $2,786,888,000 after buying an additional 1,065,530 shares in the last quarter. Norges Bank bought a new position in MercadoLibre in the second quarter valued at approximately $698,848,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in MercadoLibre by 304.7% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 255,103 shares of the company's stock valued at $666,744,000 after buying an additional 192,071 shares in the last quarter. Invesco Ltd. lifted its stake in MercadoLibre by 22.4% in the first quarter. Invesco Ltd. now owns 570,967 shares of the company's stock valued at $1,113,881,000 after buying an additional 104,554 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in MercadoLibre by 21.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 550,433 shares of the company's stock valued at $1,073,823,000 after buying an additional 96,283 shares in the last quarter. Institutional investors and hedge funds own 87.62% of the company's stock.

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.

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