MercadoLibre (NASDAQ:MELI) Given New $2,150.00 Price Target at JPMorgan Chase & Co.

MercadoLibre (NASDAQ:MELI) had its target price reduced by JPMorgan Chase & Co. from $2,400.00 to $2,150.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Other analysts also recently issued reports about the stock. Redburn Atlantic started coverage on shares of MercadoLibre in a research report on Friday, October 11th. They set a “buy” rating and a $2,800.00 price target on the stock. Citigroup boosted their target price on MercadoLibre from $2,200.00 to $2,480.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Barclays decreased their price target on MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating for the company in a research note on Tuesday. Susquehanna boosted their price objective on MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a research note on Wednesday, August 28th. Finally, Wedbush reaffirmed an “outperform” rating and set a $2,200.00 target price (up previously from $2,000.00) on shares of MercadoLibre in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2,269.67.

MercadoLibre Price Performance

Shares of MELI opened at $1,880.00 on Wednesday. The firm has a market capitalization of $95.32 billion, a price-to-earnings ratio of 66.34, a price-to-earnings-growth ratio of 1.31 and a beta of 1.61. The stock’s fifty day moving average is $2,037.61 and its 200-day moving average is $1,840.97. MercadoLibre has a one year low of $1,324.99 and a one year high of $2,161.73. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in MercadoLibre by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 27,642 shares of the company’s stock worth $41,794,000 after purchasing an additional 4,658 shares in the last quarter. SageView Advisory Group LLC purchased a new position in shares of MercadoLibre during the first quarter valued at $661,000. Kingsview Wealth Management LLC raised its position in MercadoLibre by 5.2% during the first quarter. Kingsview Wealth Management LLC now owns 365 shares of the company’s stock valued at $552,000 after buying an additional 18 shares during the period. Blair William & Co. IL lifted its stake in MercadoLibre by 3.5% in the 1st quarter. Blair William & Co. IL now owns 2,054 shares of the company’s stock worth $3,106,000 after acquiring an additional 70 shares in the last quarter. Finally, Orion Portfolio Solutions LLC boosted its position in MercadoLibre by 56.2% during the 1st quarter. Orion Portfolio Solutions LLC now owns 764 shares of the company’s stock worth $1,155,000 after acquiring an additional 275 shares during the period. 87.62% of the stock is currently owned by institutional investors and hedge funds.

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.