JPMorgan Chase & Co. Increases MercadoLibre (NASDAQ:MELI) Price Target to $2,600.00

MercadoLibre (NASDAQ:MELI) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $2,250.00 to $2,600.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 3.68% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Cantor Fitzgerald lowered their price objective on shares of MercadoLibre from $3,000.00 to $2,400.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Bank of America raised their price objective on MercadoLibre from $2,500.00 to $3,000.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Barclays lifted their target price on shares of MercadoLibre from $2,500.00 to $3,100.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. Morgan Stanley reissued an “overweight” rating on shares of MercadoLibre in a research report on Thursday, May 1st. Finally, Susquehanna upped their price target on shares of MercadoLibre from $2,350.00 to $2,760.00 and gave the stock a “positive” rating in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, MercadoLibre currently has an average rating of “Moderate Buy” and an average target price of $2,572.86.

MercadoLibre Stock Performance

Shares of MELI opened at $2,507.83 on Thursday. The firm has a market cap of $127.14 billion, a price-to-earnings ratio of 66.52, a PEG ratio of 1.12 and a beta of 1.61. The business’s 50 day moving average is $2,190.01 and its two-hundred day moving average is $2,017.85. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. MercadoLibre has a 52-week low of $1,550.00 and a 52-week high of $2,635.88.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $9.74 earnings per share for the quarter, beating analysts’ consensus estimates of $7.82 by $1.92. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.55 billion. MercadoLibre had a net margin of 9.20% and a return on equity of 51.89%. The company’s revenue for the quarter was up 37.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.78 EPS. Analysts forecast that MercadoLibre will post 43.96 EPS for the current fiscal year.

Institutional Trading of MercadoLibre

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. WBI Investments LLC acquired a new stake in MercadoLibre during the first quarter worth approximately $1,312,000. Geneos Wealth Management Inc. grew its holdings in MercadoLibre by 135.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 94 shares of the company’s stock worth $183,000 after acquiring an additional 54 shares during the last quarter. Belpointe Asset Management LLC lifted its holdings in MercadoLibre by 1.9% during the 1st quarter. Belpointe Asset Management LLC now owns 631 shares of the company’s stock worth $1,231,000 after buying an additional 12 shares during the period. Focus Partners Wealth boosted its stake in shares of MercadoLibre by 42.0% in the 1st quarter. Focus Partners Wealth now owns 602 shares of the company’s stock valued at $1,176,000 after purchasing an additional 178 shares during the last quarter. Finally, Anchor Investment Management LLC boosted its position in MercadoLibre by 1.6% during the first quarter. Anchor Investment Management LLC now owns 587 shares of the company’s stock valued at $1,145,000 after acquiring an additional 9 shares during the last quarter. 87.62% of the stock is 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.