JPMorgan Chase & Co. Has Lowered Expectations for MercadoLibre (NASDAQ:MELI) Stock Price

MercadoLibre (NASDAQ:MELI) had its price target decreased by equities research analysts at JPMorgan Chase & Co. from $2,700.00 to $2,600.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 19.66% from the stock’s previous close.

Several other analysts have also recently commented on MELI. Wall Street Zen cut shares of MercadoLibre from a “buy” rating to a “hold” rating in a research note on Sunday, June 22nd. Barclays reduced their price objective on shares of MercadoLibre from $3,100.00 to $3,000.00 and set an “overweight” rating for the company in a research note on Wednesday, July 23rd. Citigroup reduced their price objective on shares of MercadoLibre from $2,900.00 to $2,850.00 and set a “buy” rating for the company in a research note on Monday, August 18th. Cantor Fitzgerald raised their price objective on shares of MercadoLibre from $2,700.00 to $2,900.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. Finally, Susquehanna reiterated a “positive” rating and issued a $2,975.00 price objective (up previously from $2,840.00) on shares of MercadoLibre in a research note on Thursday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,822.78.

MercadoLibre Stock Down 3.3%

Shares of MercadoLibre stock opened at $2,172.75 on Friday. The company has a market cap of $110.16 billion, a P/E ratio of 53.66, a PEG ratio of 1.44 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. MercadoLibre has a one year low of $1,646.00 and a one year high of $2,645.22. The firm has a fifty day moving average of $2,382.29 and a two-hundred day moving average of $2,343.55.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $12.01 by ($1.70). MercadoLibre had a net margin of 8.52% and a return on equity of 43.06%. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.57 billion. During the same quarter in the prior year, the business earned $10.48 EPS. The business’s revenue for the quarter was up 33.8% compared to the same quarter last year. On average, analysts forecast that MercadoLibre will post 43.96 earnings per share for the current year.

Institutional Investors Weigh In On MercadoLibre

A number of institutional investors have recently bought and sold shares of MELI. Lavaca Capital LLC grew its holdings 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 purchasing an additional 1,065,530 shares during the period. Norges Bank purchased a new stake in MercadoLibre in the second quarter valued at approximately $698,848,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings 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 purchasing an additional 192,071 shares during the period. Assenagon Asset Management S.A. grew its holdings in MercadoLibre by 170.9% in the first quarter. Assenagon Asset Management S.A. now owns 274,960 shares of the company’s stock valued at $536,411,000 after purchasing an additional 173,449 shares during the period. Finally, Invesco Ltd. grew its holdings 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 purchasing an additional 104,554 shares during the period. 87.62% of the stock is currently owned by hedge funds and other 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.