MercadoLibre (NASDAQ:MELI) Given New $2,600.00 Price Target at Wedbush

MercadoLibre (NASDAQ:MELI) had its price objective reduced by equities research analysts at Wedbush from $2,700.00 to $2,600.00 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective would suggest a potential upside of 30.77% from the company’s previous close.

A number of other research firms have also recently commented on MELI. BTIG Research reaffirmed a “buy” rating and issued a $2,750.00 price target on shares of MercadoLibre in a report on Wednesday, February 4th. Benchmark lowered their target price on MercadoLibre from $2,875.00 to $2,780.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. JPMorgan Chase & Co. raised MercadoLibre from a “neutral” rating to an “overweight” rating and upped their price target for the company from $2,650.00 to $2,800.00 in a research report on Thursday, February 12th. Barclays lifted their price objective on MercadoLibre from $2,800.00 to $2,900.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Finally, Dbs Bank upgraded MercadoLibre from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,880.00.

MercadoLibre Stock Performance

NASDAQ MELI opened at $1,988.26 on Tuesday. The company has a market capitalization of $100.80 billion, a PE ratio of 48.52, a price-to-earnings-growth ratio of 0.99 and a beta of 1.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.15 and a current ratio of 1.17. MercadoLibre has a 52-week low of $1,723.90 and a 52-week high of $2,645.22. The company has a 50-day simple moving average of $2,064.20 and a 200 day simple moving average of $2,188.78.

Insiders Place Their Bets

In other news, Director Emiliano Calemzuk sold 45 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $2,027.37, for a total value of $91,231.65. Following the completion of the transaction, the director directly owned 257 shares in the company, valued at approximately $521,034.09. This trade represents a 14.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henrique Vasoncelos Dubugras sold 845 shares of the company’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $2,028.14, for a total transaction of $1,713,778.30. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,136 shares of company stock worth $2,308,788 in the last quarter. 0.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On MercadoLibre

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bison Wealth LLC bought a new position in MercadoLibre in the fourth quarter valued at $206,000. Empowered Funds LLC increased its position in shares of MercadoLibre by 6.9% during the 1st quarter. Empowered Funds LLC now owns 760 shares of the company’s stock valued at $1,483,000 after purchasing an additional 49 shares during the last quarter. Focus Partners Wealth raised its holdings in shares of MercadoLibre by 42.0% during the 1st quarter. Focus Partners Wealth now owns 602 shares of the company’s stock valued at $1,176,000 after buying an additional 178 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in MercadoLibre in the 2nd quarter worth approximately $261,000. Finally, Yousif Capital Management LLC lifted its position in MercadoLibre by 6.0% in the 2nd quarter. Yousif Capital Management LLC now owns 142 shares of the company’s stock worth $371,000 after buying an additional 8 shares during the last quarter. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

MercadoLibre Company Profile

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.