Wedbush Cuts MercadoLibre (NASDAQ:MELI) Price Target to $2,100.00

MercadoLibre (NASDAQ:MELI) had its price target cut by Wedbush from $2,200.00 to $2,100.00 in a research note released on Monday,Benzinga reports. They currently have an outperform rating on the stock. Wedbush also issued estimates for MercadoLibre’s Q4 2024 earnings at $6.81 EPS, FY2024 earnings at $31.90 EPS, Q1 2025 earnings at $6.00 EPS, Q2 2025 earnings at $8.18 EPS, Q3 2025 earnings at $9.85 EPS, Q4 2025 earnings at $14.39 EPS, FY2025 earnings at $38.44 EPS and FY2026 earnings at $59.20 EPS.

Several other research firms also recently commented on MELI. Cantor Fitzgerald dropped their price objective on MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. cut their price target on MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Morgan Stanley lowered their price objective on MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating on the stock in a research note on Monday, November 11th. Bank of America increased their target price 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. Finally, Citigroup lowered their price target on shares of MercadoLibre from $2,480.00 to $2,450.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $2,247.67.

MercadoLibre Stock Performance

Shares of MELI stock opened at $1,739.00 on Monday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25. The firm has a market cap of $88.16 billion, a price-to-earnings ratio of 61.36, a P/E/G ratio of 1.24 and a beta of 1.60. MercadoLibre has a 52 week low of $1,324.99 and a 52 week high of $2,161.73. The firm’s 50-day simple moving average is $1,883.71 and its two-hundred day simple moving average is $1,897.64.

Insiders Place Their Bets

In other MercadoLibre news, Director Emiliano Calemzuk sold 50 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 238 shares of the company’s stock, valued at $472,425.24. The trade was a 17.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.06% of the company’s stock.

Institutional Trading of MercadoLibre

Hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC raised its position in MercadoLibre by 205,108.3% during the third quarter. International Assets Investment Management LLC now owns 248,302 shares of the company’s stock valued at $509,506,000 after purchasing an additional 248,181 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in shares of MercadoLibre during the 2nd quarter valued at about $2,913,000. FMR LLC raised its holdings in shares of MercadoLibre by 18.6% during the 3rd quarter. FMR LLC now owns 878,996 shares of the company’s stock valued at $1,803,665,000 after buying an additional 137,564 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of MercadoLibre by 52.9% during the 3rd quarter. Wellington Management Group LLP now owns 349,678 shares of the company’s stock valued at $717,525,000 after buying an additional 120,922 shares in the last quarter. Finally, Swedbank AB boosted its stake in MercadoLibre by 352.8% in the third quarter. Swedbank AB now owns 94,123 shares of the company’s stock worth $193,137,000 after buying an additional 73,336 shares in the last quarter. 87.62% of the stock is owned by institutional investors.

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.