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

MercadoLibre (NASDAQ:MELI) had its price target decreased by JPMorgan Chase & Co. from $2,800.00 to $2,650.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 49.21% from the company’s previous close.

MELI has been the subject of several other research reports. Weiss Ratings lowered MercadoLibre from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 8th. Barclays decreased their price target on MercadoLibre from $2,900.00 to $2,600.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Dbs Bank raised MercadoLibre from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, December 2nd. Wedbush decreased their target price on MercadoLibre from $2,600.00 to $2,400.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Finally, Itau BBA Securities reaffirmed an “outperform” rating on shares of MercadoLibre in a research note on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $2,785.33.

MercadoLibre Trading Up 1.0%

MELI traded up $18.39 during trading on Monday, reaching $1,775.97. The company had a trading volume of 653,632 shares, compared to its average volume of 619,633. 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 business has a 50 day simple moving average of $2,047.63 and a 200-day simple moving average of $2,159.73. The stock has a market cap of $90.04 billion, a P/E ratio of 45.05, a PEG ratio of 0.87 and a beta of 1.48. MercadoLibre has a 52 week low of $1,654.24 and a 52 week high of $2,645.22.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Tuesday, February 24th. The company reported $11.03 earnings per share 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 firm had revenue of $8.76 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same period in the prior year, the company posted $12.61 EPS. The company’s revenue was up 44.6% compared to the same quarter last year. On average, equities analysts anticipate that MercadoLibre will post 43.96 EPS for the current fiscal year.

Insider Activity

In related news, Director Stelleo Tolda sold 246 shares of MercadoLibre stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Emiliano Calemzuk sold 45 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $2,027.37, for a total transaction of $91,231.65. Following the completion of the transaction, the director directly owned 257 shares of the company’s stock, valued at $521,034.09. This trade represents a 14.90% decrease in their position. 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 Investors Weigh In On MercadoLibre

A number of institutional investors have recently added to or reduced their stakes in MELI. Highview Capital Management LLC DE acquired a new stake in MercadoLibre during the 2nd quarter valued at approximately $559,000. Resona Asset Management Co. Ltd. raised its holdings in shares of MercadoLibre by 4.0% during the second quarter. Resona Asset Management Co. Ltd. now owns 15,308 shares of the company’s stock worth $39,900,000 after purchasing an additional 585 shares during the last quarter. Weitz Investment Management Inc. acquired a new position in MercadoLibre during the third quarter valued at $8,647,000. Achmea Investment Management B.V. boosted its holdings in 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 purchasing an additional 525 shares during the last quarter. Finally, Barlow Wealth Partners Inc. grew its position in 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 purchasing an additional 6,429 shares during the period. Institutional investors own 87.62% of the company’s stock.

About MercadoLibre

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.