JPMorgan Chase & Co. Cuts MercadoLibre (NASDAQ:MELI) Price Target to $2,150.00

MercadoLibre (NASDAQ:MELI) had its price target trimmed by JPMorgan Chase & Co. from $2,400.00 to $2,150.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

MELI has been the subject of several other reports. StockNews.com downgraded shares of MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Raymond James started coverage on MercadoLibre in a research note on Friday, September 27th. They set an “outperform” rating and a $2,350.00 target price for the company. Citigroup boosted their price target on MercadoLibre from $2,200.00 to $2,480.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group raised their price objective on MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Redburn Atlantic assumed coverage on MercadoLibre in a report on Friday, October 11th. They set a “buy” rating and a $2,800.00 price objective on the stock. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, MercadoLibre currently has an average rating of “Moderate Buy” and a consensus target price of $2,269.67.

MercadoLibre Stock Performance

MercadoLibre stock opened at $1,880.00 on Wednesday. The firm has a market capitalization of $95.32 billion, a PE ratio of 66.34, a price-to-earnings-growth ratio of 1.31 and a beta of 1.61. MercadoLibre has a one year low of $1,324.99 and a one year high of $2,161.73. The stock’s 50 day moving average price is $2,037.61 and its 200 day moving average price is $1,840.97. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25.

Institutional Investors Weigh In On MercadoLibre

Several institutional investors and hedge funds have recently bought and sold shares of MELI. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of MercadoLibre by 1,600.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after purchasing an additional 16 shares during the period. Optimum Investment Advisors increased its position in MercadoLibre by 750.0% in the third quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock worth $35,000 after buying an additional 15 shares during the period. Financial Connections Group Inc. bought a new stake in MercadoLibre in the second quarter valued at $36,000. Quarry LP acquired a new position in shares of MercadoLibre during the second quarter valued at $43,000. Finally, Legacy Bridge LLC increased its holdings in shares of MercadoLibre by 53.3% in the 3rd quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock worth $47,000 after acquiring an additional 8 shares during the period. Institutional investors and hedge funds own 87.62% of the company’s stock.

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.