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

MercadoLibre (NASDAQ:MELI) had its price target boosted by research analysts at JPMorgan Chase & Co. from $2,600.00 to $2,650.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 11.85% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Raymond James Financial restated a “strong-buy” rating and issued a $2,750.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. Cantor Fitzgerald dropped their target price on shares of MercadoLibre from $2,900.00 to $2,750.00 and set an “overweight” rating for the company in a report on Thursday. Citigroup reduced their price target on shares of MercadoLibre from $2,850.00 to $2,700.00 and set a “buy” rating on the stock in a report on Thursday, October 9th. Daiwa Capital Markets started coverage on shares of MercadoLibre in a research report on Friday, August 1st. They issued a “buy” rating and a $3,000.00 price target on the stock. Finally, Barclays lifted their price objective on MercadoLibre from $2,800.00 to $2,900.00 and gave the stock an “overweight” rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, MercadoLibre currently has a consensus rating of “Moderate Buy” and an average price target of $2,799.41.

MercadoLibre Price Performance

MELI traded up $41.92 on Monday, hitting $2,369.18. 102,861 shares of the company were exchanged, compared to its average volume of 409,108. MercadoLibre has a fifty-two week low of $1,646.00 and a fifty-two week high of $2,645.22. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. The firm has a market capitalization of $120.11 billion, a P/E ratio of 57.98, a price-to-earnings-growth ratio of 1.56 and a beta of 1.46. The business’s fifty day moving average is $2,310.58 and its 200 day moving average is $2,374.68.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $8.32 EPS for the quarter, missing the consensus estimate of $9.88 by ($1.56). MercadoLibre had a return on equity of 41.35% and a net margin of 7.93%.The firm had revenue of $7.41 billion for the quarter, compared to analysts’ expectations of $7.19 billion. During the same period last year, the firm earned $7.83 EPS. MercadoLibre’s revenue was up 39.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that MercadoLibre will post 43.96 EPS for the current year.

Institutional Trading of MercadoLibre

A number of hedge funds have recently added to or reduced their stakes in MELI. Ninety One North America Inc. increased its position in MercadoLibre by 21.5% in the second quarter. Ninety One North America Inc. now owns 6,094 shares of the company’s stock worth $15,927,000 after buying an additional 1,080 shares during the period. Banco Santander S.A. increased its stake in shares of MercadoLibre by 221.9% in the first quarter. Banco Santander S.A. now owns 2,746 shares of the company’s stock valued at $5,357,000 after purchasing an additional 1,893 shares during the period. Stratos Investment Management LLC bought a new stake in shares of MercadoLibre during the first quarter valued at approximately $203,000. Jennison Associates LLC boosted its position 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 buying an additional 81,124 shares during the period. Finally, Costello Asset Management INC grew its holdings in MercadoLibre by 434.3% in the 2nd quarter. Costello Asset Management INC now owns 577 shares of the company’s stock worth $1,509,000 after buying an additional 469 shares in the last quarter. 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.