JPMorgan Chase & Co. Lowers MercadoLibre (NASDAQ:MELI) Price Target to $2,650.00

MercadoLibre (NASDAQ:MELI) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $2,800.00 to $2,650.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 54.61% from the company’s current price.

MELI has been the topic of a number of other reports. Morgan Stanley boosted their price objective on shares of MercadoLibre from $2,850.00 to $2,950.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Barclays lowered their price target on MercadoLibre from $2,900.00 to $2,600.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. Zacks Research upgraded MercadoLibre from a “strong sell” rating to a “hold” rating in a research note on Friday, February 6th. Weiss Ratings cut MercadoLibre from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 8th. Finally, Itau BBA Securities reaffirmed an “outperform” rating on shares of MercadoLibre in a report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,785.33.

MercadoLibre Stock Performance

MELI opened at $1,714.01 on Monday. The company has a market cap of $86.90 billion, a P/E ratio of 43.50, a price-to-earnings-growth ratio of 0.88 and a beta of 1.48. The company has a quick ratio of 1.15, a current ratio of 1.17 and a debt-to-equity ratio of 0.68. The firm’s 50-day moving average price is $2,037.68 and its 200-day moving average price is $2,151.13. MercadoLibre has a 52-week low of $1,654.24 and a 52-week high of $2,645.22.

MercadoLibre (NASDAQ:MELI) last released its earnings results on Tuesday, February 24th. The company reported $11.03 EPS for the quarter, missing analysts’ consensus estimates of $11.66 by ($0.63). MercadoLibre had a return on equity of 33.73% and a net margin of 6.91%.The company had revenue of $8.76 billion during the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the business earned $12.61 earnings per share. The firm’s revenue for the quarter was up 44.6% on a year-over-year basis. As a group, equities analysts anticipate that MercadoLibre will post 43.96 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Stelleo Tolda sold 246 shares of the firm’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $2,047.88, for a total transaction of $503,778.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Henrique Vasoncelos Dubugras sold 845 shares of MercadoLibre stock in a transaction on Friday, December 12th. The shares were sold at an average price of $2,028.14, for a total transaction of $1,713,778.30. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,136 shares of company stock valued at $2,308,788. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On MercadoLibre

A number of large investors have recently bought and sold shares of MELI. Highview Capital Management LLC DE purchased a new stake in MercadoLibre in the 2nd quarter valued at about $559,000. Resona Asset Management Co. Ltd. boosted its position in shares of MercadoLibre by 4.0% in the second quarter. Resona Asset Management Co. Ltd. now owns 15,308 shares of the company’s stock worth $39,900,000 after acquiring an additional 585 shares during the last quarter. Weitz Investment Management Inc. purchased a new position in shares of MercadoLibre in the 3rd quarter worth $8,647,000. Achmea Investment Management B.V. raised its position in shares of MercadoLibre by 10.9% in the 2nd quarter. Achmea Investment Management B.V. now owns 5,326 shares of the company’s stock worth $13,921,000 after buying an additional 525 shares during the period. Finally, Barlow Wealth Partners Inc. boosted its holdings in MercadoLibre by 126.7% in the third quarter. Barlow Wealth Partners Inc. now owns 11,505 shares of the company’s stock valued at $26,886,000 after acquiring an additional 6,429 shares during the last quarter. Institutional investors and hedge funds own 87.62% of the company’s stock.

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.