MercadoLibre (NASDAQ:MELI) Lowered to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of MercadoLibre (NASDAQ:MELI) from an overweight rating to a neutral rating in a report issued on Wednesday morning, Marketbeat reports. They currently have $2,400.00 target price on the stock.

A number of other research analysts also recently weighed in on MELI. Morgan Stanley upped their target price on MercadoLibre from $2,175.00 to $2,500.00 and gave the stock an overweight rating in a report on Friday, September 20th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $2,530.00 price target on shares of MercadoLibre in a research report on Monday, September 23rd. StockNews.com downgraded MercadoLibre from a buy rating to a hold rating in a research note on Saturday, August 10th. Raymond James assumed coverage on shares of MercadoLibre in a research report on Friday, September 27th. They set an outperform rating and a $2,350.00 price objective on the stock. Finally, Barclays lifted their target price on shares of MercadoLibre from $2,000.00 to $2,100.00 and gave the stock an overweight rating in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $2,246.07.

MercadoLibre Stock Performance

Shares of NASDAQ MELI opened at $1,960.00 on Wednesday. The stock has a market cap of $99.37 billion, a price-to-earnings ratio of 87.70, a P/E/G ratio of 1.34 and a beta of 1.61. The company has a current ratio of 1.28, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67. MercadoLibre has a 1-year low of $1,141.04 and a 1-year high of $2,161.73. The stock’s 50-day moving average is $1,975.39 and its 200 day moving average is $1,728.02.

MercadoLibre (NASDAQ:MELI) last issued its earnings results on Thursday, August 1st. The company reported $10.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.53 by $1.95. The firm had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $4.64 billion. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The business’s revenue was up 41.5% on a year-over-year basis. During the same quarter last year, the business earned $5.16 earnings per share. On average, sell-side analysts anticipate that MercadoLibre will post 35.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. First PREMIER Bank purchased a new position in MercadoLibre during the 1st quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of MercadoLibre by 1,600.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after buying an additional 16 shares during the last quarter. Scarborough Advisors LLC bought a new position in shares of MercadoLibre during the 4th quarter worth approximately $36,000. Financial Connections Group Inc. purchased a new stake in MercadoLibre during the second quarter valued at approximately $36,000. Finally, Transcendent Capital Group LLC acquired a new stake in MercadoLibre in the fourth quarter valued at approximately $38,000. 87.62% of the stock is currently owned by institutional investors.

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.