JPMorgan Chase & Co. Issues Pessimistic Forecast for MercadoLibre (NASDAQ:MELI) Stock Price

MercadoLibre (NASDAQ:MELI) had its target price cut by JPMorgan Chase & Co. from $2,100.00 to $1,900.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 23.33% from the stock’s previous close.

Several other analysts also recently issued reports on the company. Scotiabank decreased their target price on MercadoLibre from $3,500.00 to $2,800.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 7th. Cantor Fitzgerald decreased their target price on MercadoLibre from $2,400.00 to $2,350.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. Morgan Stanley reduced their price objective on MercadoLibre from $2,600.00 to $2,450.00 and set an “overweight” rating on the stock in a research note on Monday. Daiwa Securities Group downgraded MercadoLibre from a “buy” rating to a “hold” rating and set a $1,800.00 price objective on the stock. in a research note on Friday, May 8th. Finally, Wedbush reduced their price objective on MercadoLibre from $2,600.00 to $2,400.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $2,255.33.

MercadoLibre Price Performance

MELI traded down $38.15 on Wednesday, hitting $1,540.63. 496,451 shares of the company’s stock traded hands, compared to its average volume of 573,129. The company’s 50 day simple moving average is $1,745.86 and its 200-day simple moving average is $1,956.27. The firm has a market cap of $78.11 billion, a price-to-earnings ratio of 40.63, a P/E/G ratio of 0.87 and a beta of 1.41. MercadoLibre has a one year low of $1,495.00 and a one year high of $2,645.22. The company has a current ratio of 1.16, a quick ratio of 1.15 and a debt-to-equity ratio of 0.63.

MercadoLibre (NASDAQ:MELI) last issued its earnings results on Thursday, May 7th. The company reported $8.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.75 by ($0.52). The business had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.29 billion. MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. The firm’s revenue for the quarter was up 49.0% compared to the same quarter last year. During the same period last year, the business posted $9.74 EPS. As a group, research analysts anticipate that MercadoLibre will post 45.02 EPS for the current year.

Hedge Funds Weigh In On MercadoLibre

A number of large investors have recently bought and sold shares of MELI. Bison Wealth LLC purchased a new position in MercadoLibre during the 4th quarter valued at $206,000. Empowered Funds LLC lifted its holdings in shares of MercadoLibre by 6.9% in the 1st quarter. Empowered Funds LLC now owns 760 shares of the company’s stock worth $1,483,000 after buying an additional 49 shares during the period. Focus Partners Wealth lifted its holdings in shares of MercadoLibre by 42.0% in the 1st quarter. Focus Partners Wealth now owns 602 shares of the company’s stock worth $1,176,000 after buying an additional 178 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of MercadoLibre in the 2nd quarter worth $261,000. Finally, Gamco Investors INC. ET AL lifted its holdings in shares of MercadoLibre by 21.4% in the 2nd quarter. Gamco Investors INC. ET AL now owns 170 shares of the company’s stock worth $444,000 after buying an additional 30 shares during the period. Hedge funds and other institutional investors 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.