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

MercadoLibre (NASDAQ:MELI) had its target price lowered by JPMorgan Chase & Co. from $2,800.00 to $2,650.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the company. Dbs Bank raised MercadoLibre from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, December 2nd. Morgan Stanley lifted their price objective on MercadoLibre from $2,850.00 to $2,950.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. UBS Group cut their target price on shares of MercadoLibre from $2,900.00 to $2,700.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Itau BBA Securities reiterated an “outperform” rating on shares of MercadoLibre in a research report on Wednesday, February 25th. Finally, Cantor Fitzgerald dropped their price target on shares of MercadoLibre from $2,750.00 to $2,400.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. One 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $2,785.33.

MercadoLibre Trading Up 3.2%

Shares of NASDAQ MELI opened at $1,769.03 on Monday. MercadoLibre has a 1-year low of $1,654.24 and a 1-year high of $2,645.22. The company has a 50-day moving average of $2,033.11 and a two-hundred day moving average of $2,148.46. The company has a market cap of $89.69 billion, a PE ratio of 44.90, a P/E/G ratio of 0.85 and a beta of 1.48. The company has a current ratio of 1.17, a quick ratio of 1.15 and a debt-to-equity ratio of 0.68.

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

Insiders Place Their Bets

In other MercadoLibre news, Director Emiliano Calemzuk sold 45 shares of the stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $2,027.37, for a total value of $91,231.65. Following the completion of the sale, the director directly owned 257 shares in the company, valued at $521,034.09. This represents a 14.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stelleo Tolda sold 246 shares of the stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $2,047.88, for a total value of $503,778.48. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,136 shares of company stock worth $2,308,788. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of MercadoLibre

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

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.