Cantor Fitzgerald Lowers MercadoLibre (NASDAQ:MELI) Price Target to $2,300.00

MercadoLibre (NASDAQ:MELI) had its target price decreased by Cantor Fitzgerald from $2,530.00 to $2,300.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 28.54% from the stock’s previous close.

Several other research firms have also recently weighed in on MELI. Bank of America upped their price objective on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a “buy” rating in a research report on Thursday, September 12th. The Goldman Sachs Group lifted their price objective on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. StockNews.com cut MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. JPMorgan Chase & Co. lowered MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price target for the company. in a research note on Wednesday, October 2nd. Finally, BTIG Research increased their price objective on MercadoLibre from $2,025.00 to $2,250.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2,286.33.

MercadoLibre Price Performance

MELI traded down $327.97 during trading on Thursday, reaching $1,789.33. 760,372 shares of the company were exchanged, compared to its average volume of 347,600. MercadoLibre has a 12-month low of $1,324.99 and a 12-month high of $2,161.73. The company’s 50-day moving average is $2,055.08 and its two-hundred day moving average is $1,819.36. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67. The company has a market cap of $90.72 billion, a price-to-earnings ratio of 65.64, a P/E/G ratio of 1.26 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $7.83 EPS for the quarter, missing the consensus estimate of $11.27 by ($3.44). MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.25 billion. Research analysts forecast that MercadoLibre will post 37.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MercadoLibre

Several hedge funds and other institutional investors have recently modified their holdings of the company. GQG Partners LLC increased its holdings in MercadoLibre by 442.2% during the 1st quarter. GQG Partners LLC now owns 794,782 shares of the company’s stock valued at $1,201,679,000 after purchasing an additional 648,198 shares during the period. International Assets Investment Management LLC grew its position in shares of 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 buying an additional 248,181 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of MercadoLibre by 43.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 771,893 shares of the company’s stock valued at $1,167,073,000 after buying an additional 232,787 shares during the period. Strategic Financial Concepts LLC bought a new position in shares of MercadoLibre during the second quarter valued at approximately $2,913,000. Finally, Janus Henderson Group PLC lifted its stake in MercadoLibre by 55.8% in the first quarter. Janus Henderson Group PLC now owns 368,559 shares of the company’s stock worth $557,225,000 after acquiring an additional 132,028 shares during the period. 87.62% of the stock is owned by institutional investors.

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.