Wedbush Has Negative Outlook of MercadoLibre FY2024 Earnings

MercadoLibre, Inc. (NASDAQ:MELI) – Investment analysts at Wedbush decreased their FY2024 earnings per share estimates for shares of MercadoLibre in a report released on Monday, January 6th. Wedbush analyst S. Devitt now forecasts that the company will post earnings of $31.90 per share for the year, down from their previous estimate of $32.25. Wedbush currently has a “Outperform” rating and a $2,100.00 price target on the stock. The consensus estimate for MercadoLibre’s current full-year earnings is $33.70 per share. Wedbush also issued estimates for MercadoLibre’s Q4 2024 earnings at $6.81 EPS, Q3 2025 earnings at $9.85 EPS and FY2025 earnings at $38.44 EPS.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of MercadoLibre from $2,150.00 to $1,950.00 and set a “neutral” rating on the stock in a research note on Wednesday. Morgan Stanley dropped their price objective on shares of MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating on the stock in a report on Monday, November 11th. Bank of America upped their price objective on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a research report on Thursday, September 12th. Raymond James began coverage on MercadoLibre in a research report on Friday, September 27th. They set an “outperform” rating and a $2,350.00 target price on the stock. Finally, Citigroup reduced their price objective on MercadoLibre from $2,480.00 to $2,450.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from 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 NASDAQ MELI opened at $1,739.00 on Tuesday. MercadoLibre has a 12 month low of $1,324.99 and a 12 month high of $2,161.73. The company has a market cap of $88.16 billion, a P/E ratio of 61.36, a P/E/G ratio of 1.24 and a beta of 1.60. The business’s 50 day moving average is $1,883.71 and its two-hundred day moving average is $1,897.64. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78.

Insider Transactions at MercadoLibre

In other news, Director Emiliano Calemzuk sold 50 shares of MercadoLibre 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 in the company, valued at approximately $472,425.24. The trade was a 17.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.06% of the stock is owned by insiders.

Institutional Investors Weigh In On MercadoLibre

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Range Financial Group LLC acquired a new stake in shares of MercadoLibre in the fourth quarter valued at $296,000. CWA Asset Management Group LLC bought a new stake in MercadoLibre during the 4th quarter worth about $4,623,000. Nordea Investment Management AB increased its position in MercadoLibre by 37.8% in the 4th quarter. Nordea Investment Management AB now owns 157,688 shares of the company’s stock valued at $271,897,000 after acquiring an additional 43,215 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of MercadoLibre by 123.1% in the fourth quarter. GAMMA Investing LLC now owns 29 shares of the company’s stock worth $49,000 after acquiring an additional 16 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of MercadoLibre by 20.9% during the third quarter. Principal Financial Group Inc. now owns 59,430 shares of the company’s stock worth $121,948,000 after purchasing an additional 10,272 shares in the last quarter. 87.62% of the stock is owned by institutional investors and hedge funds.

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.