JPMorgan Chase & Co. Lowers MercadoLibre (NASDAQ:MELI) Price Target to $2,150.00

MercadoLibre (NASDAQ:MELI) had its target price dropped by analysts at JPMorgan Chase & Co. from $2,400.00 to $2,150.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 10.25% from the company’s current price.

A number of other research analysts have also commented on the company. Morgan Stanley decreased their price objective on MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating on the stock in a research report on Monday. Redburn Atlantic initiated coverage on MercadoLibre in a report on Friday, October 11th. They issued a “buy” rating and a $2,800.00 price objective for the company. Bank of America upped their price objective on MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a report on Thursday, September 12th. StockNews.com downgraded MercadoLibre from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Finally, Cantor Fitzgerald dropped their price objective on MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,269.67.

MercadoLibre Price Performance

MELI stock traded down $27.22 during midday trading on Wednesday, reaching $1,950.17. 38,090 shares of the company’s stock traded hands, compared to its average volume of 365,037. The company has a 50-day simple moving average of $2,044.19 and a two-hundred day simple moving average of $1,836.97. MercadoLibre has a 1-year low of $1,324.99 and a 1-year high of $2,161.73. The company has a market cap of $98.87 billion, a price-to-earnings ratio of 68.85, a PEG ratio of 1.31 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MELI. Migdal Insurance & Financial Holdings Ltd. raised its position in MercadoLibre by 1,600.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after purchasing an additional 16 shares during the last quarter. Optimum Investment Advisors raised its position in shares of MercadoLibre by 750.0% in the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock worth $35,000 after acquiring an additional 15 shares in the last quarter. Financial Connections Group Inc. bought a new position in shares of MercadoLibre in the 2nd quarter worth about $36,000. Quarry LP bought a new position in shares of MercadoLibre in the 2nd quarter worth about $43,000. Finally, Legacy Bridge LLC raised its position in shares of MercadoLibre by 53.3% in the 3rd quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock worth $47,000 after acquiring an additional 8 shares in the last quarter. 87.62% of the stock is owned by institutional investors.

About MercadoLibre

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.