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

MercadoLibre (NASDAQ:MELI - Free Report) had its target price lowered by JPMorgan Chase & Co. from $2,400.00 to $2,150.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

MELI has been the subject of a number of other research reports. Wedbush reiterated an "outperform" rating and issued a $2,200.00 target price (up previously from $2,000.00) on shares of MercadoLibre in a report on Thursday, November 7th. StockNews.com cut shares of MercadoLibre from a "buy" rating to a "hold" rating in a research report on Saturday, August 10th. Redburn Atlantic initiated coverage on shares of MercadoLibre in a report on Friday, October 11th. They issued a "buy" rating and a $2,800.00 target price for the company. Barclays cut their price target on shares of MercadoLibre from $2,500.00 to $2,200.00 and set an "overweight" rating on the stock in a report on Tuesday. Finally, Morgan Stanley decreased their price objective on shares of MercadoLibre from $2,500.00 to $2,450.00 and set an "overweight" rating for the company in a research note on Monday. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, MercadoLibre presently has an average rating of "Moderate Buy" and an average target price of $2,269.67.

MercadoLibre Price Performance

Shares of NASDAQ:MELI traded down $46.44 on Wednesday, reaching $1,930.95. The company's stock had a trading volume of 456,039 shares, compared to its average volume of 366,937. The company has a 50-day simple moving average of $2,044.19 and a 200 day simple moving average of $1,836.97. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25. The company has a market cap of $97.90 billion, a P/E ratio of 68.03, a PEG ratio of 1.34 and a beta of 1.61. MercadoLibre has a 52-week low of $1,324.99 and a 52-week high of $2,161.73.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MELI. Migdal Insurance & Financial Holdings Ltd. grew its holdings in MercadoLibre by 1,600.0% in the second 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 increased its position in MercadoLibre by 750.0% during the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company's stock valued at $35,000 after buying an additional 15 shares in the last quarter. Financial Connections Group Inc. acquired a new position in MercadoLibre during the 2nd quarter valued at about $36,000. Quarry LP purchased a new stake in MercadoLibre in the second quarter valued at about $43,000. Finally, Legacy Bridge LLC boosted its holdings in MercadoLibre by 53.3% in the third 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.