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

MercadoLibre (NASDAQ:MELI) had its target price lowered by analysts at JPMorgan Chase & Co. from $2,700.00 to $2,600.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 19.66% from the company’s current price.

A number of other research analysts have also recently weighed in on the stock. Wedbush set a $2,700.00 price target on shares of MercadoLibre and gave the company an “outperform” rating in a research report on Tuesday, August 5th. Citigroup reduced their price target on shares of MercadoLibre from $2,900.00 to $2,850.00 and set a “buy” rating on the stock in a research report on Monday, August 18th. Cantor Fitzgerald lifted their price target on shares of MercadoLibre from $2,700.00 to $2,900.00 and gave the company an “overweight” rating in a research report on Wednesday, September 24th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $2,750.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. Finally, Benchmark reaffirmed a “buy” rating and set a $2,875.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,822.78.

MercadoLibre Price Performance

MercadoLibre stock opened at $2,172.75 on Friday. The company has a market cap of $110.16 billion, a price-to-earnings ratio of 53.66, a PEG ratio of 1.44 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. MercadoLibre has a 1 year low of $1,646.00 and a 1 year high of $2,645.22. The firm has a 50 day moving average price of $2,382.29 and a 200 day moving average price of $2,343.55.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Monday, August 4th. The company reported $10.31 earnings per share for the quarter, missing analysts’ consensus estimates of $12.01 by ($1.70). The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.57 billion. MercadoLibre had a net margin of 8.52% and a return on equity of 43.06%. The company’s quarterly revenue was up 33.8% on a year-over-year basis. During the same period last year, the firm earned $10.48 earnings per share. Sell-side analysts predict that MercadoLibre will post 43.96 earnings per share for the current year.

Institutional Trading of MercadoLibre

A number of institutional investors and hedge funds have recently modified their holdings of the business. Jennison Associates LLC raised its holdings in shares of MercadoLibre by 7.0% during the second quarter. Jennison Associates LLC now owns 1,235,240 shares of the company’s stock worth $3,228,460,000 after purchasing an additional 81,124 shares during the period. Lavaca Capital LLC raised its holdings in shares of MercadoLibre by 140,201.3% during the second quarter. Lavaca Capital LLC now owns 1,066,290 shares of the company’s stock worth $2,786,888,000 after purchasing an additional 1,065,530 shares during the period. Invesco Ltd. raised its holdings in shares of MercadoLibre by 22.4% during the first quarter. Invesco Ltd. now owns 570,967 shares of the company’s stock worth $1,113,881,000 after purchasing an additional 104,554 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of MercadoLibre by 21.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 550,433 shares of the company’s stock worth $1,073,823,000 after purchasing an additional 96,283 shares during the period. Finally, Generation Investment Management LLP raised its holdings in shares of MercadoLibre by 3.3% during the first quarter. Generation Investment Management LLP now owns 530,564 shares of the company’s stock worth $1,035,061,000 after purchasing an additional 16,878 shares during the period. 87.62% of the stock is owned by institutional investors and hedge funds.

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.