JPMorgan Chase & Co. Cuts MercadoLibre (NASDAQ:MELI) Price Target to $1,950.00

MercadoLibre (NASDAQ:MELI - Get Free Report) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $2,150.00 to $1,950.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 12.13% from the company's current price.

Other analysts have also recently issued reports about the company. Morgan Stanley reduced their price objective on MercadoLibre from $2,500.00 to $2,450.00 and set an "overweight" rating on the stock in a research note on Monday, November 11th. Redburn Atlantic assumed coverage on MercadoLibre in a research report on Friday, October 11th. They issued a "buy" rating and a $2,800.00 price target on the stock. Bank of America boosted their price objective on MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a "buy" rating in a research report on Thursday, September 12th. Raymond James began coverage on shares of MercadoLibre in a report on Friday, September 27th. They issued an "outperform" rating and a $2,350.00 target price on the stock. Finally, Barclays lowered their price target on shares of MercadoLibre from $2,500.00 to $2,200.00 and set an "overweight" rating for the company in a report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,247.67.

MercadoLibre Trading Down 1.8 %

NASDAQ MELI traded down $32.22 during trading on Wednesday, hitting $1,739.00. The stock had a trading volume of 388,317 shares, compared to its average volume of 394,657. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $88.16 billion, a PE ratio of 61.36, a PEG ratio of 1.24 and a beta of 1.60. The firm has a 50 day moving average price of $1,883.71 and a 200 day moving average price of $1,897.64. MercadoLibre has a twelve month low of $1,324.99 and a twelve month high of $2,161.73.

Insider Activity

In other MercadoLibre news, Director Emiliano Calemzuk sold 50 shares of the company's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $1,984.98, for a total transaction of $99,249.00. Following the completion of the sale, the director now directly owns 238 shares of the company's stock, valued at $472,425.24. This represents a 17.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.06% of the company's stock.

Institutional Investors Weigh In On MercadoLibre

Several large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio purchased a new position in MercadoLibre during the 3rd quarter worth $114,417,000. KBC Group NV raised its holdings in MercadoLibre by 205.5% during the third quarter. KBC Group NV now owns 26,279 shares of the company's stock worth $53,923,000 after purchasing an additional 17,677 shares in the last quarter. Principal Financial Group Inc. lifted its position in MercadoLibre by 20.9% in the third quarter. Principal Financial Group Inc. now owns 59,430 shares of the company's stock valued at $121,948,000 after purchasing an additional 10,272 shares during the period. Y Intercept Hong Kong Ltd boosted its holdings in MercadoLibre by 40.0% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 2,728 shares of the company's stock valued at $5,598,000 after purchasing an additional 780 shares in the last quarter. Finally, Caprock Group LLC increased its position in MercadoLibre by 143.7% during the 2nd quarter. Caprock Group LLC now owns 580 shares of the company's stock worth $955,000 after purchasing an additional 342 shares during the period. Hedge funds and other institutional investors own 87.62% of the company's stock.

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.