MercadoLibre (NASDAQ:MELI) Given New $2,600.00 Price Target at JPMorgan Chase & Co.

MercadoLibre (NASDAQ:MELI - Free Report) had its price objective boosted by JPMorgan Chase & Co. from $2,250.00 to $2,600.00 in a research note issued to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other analysts also recently commented on MELI. Bank of America increased their price objective on shares of MercadoLibre from $2,500.00 to $3,000.00 and gave the company a "buy" rating in a report on Friday, February 21st. Morgan Stanley reaffirmed an "overweight" rating on shares of MercadoLibre in a report on Thursday, May 1st. Cantor Fitzgerald reduced their price objective on MercadoLibre from $3,000.00 to $2,400.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. The Goldman Sachs Group upped their target price on MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, Barclays raised their target price on MercadoLibre from $2,500.00 to $3,100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $2,572.86.

MercadoLibre Price Performance

NASDAQ MELI traded up $43.33 during mid-day trading on Thursday, hitting $2,551.16. The stock had a trading volume of 122,369 shares, compared to its average volume of 421,837. The firm's 50 day moving average is $2,198.84 and its 200 day moving average is $2,023.31. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.25 and a quick ratio of 1.22. The stock has a market capitalization of $129.34 billion, a price-to-earnings ratio of 67.66, a PEG ratio of 1.12 and a beta of 1.61. MercadoLibre has a twelve month low of $1,550.00 and a twelve month high of $2,635.88.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $9.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.82 by $1.92. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.55 billion. MercadoLibre had a net margin of 9.20% and a return on equity of 51.89%. The company's revenue for the quarter was up 37.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.78 earnings per share. Equities research analysts forecast that MercadoLibre will post 43.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MercadoLibre

Hedge funds and other institutional investors have recently bought and sold shares of the company. UMB Bank n.a. grew its holdings in shares of MercadoLibre by 26.8% in the fourth quarter. UMB Bank n.a. now owns 289 shares of the company's stock valued at $491,000 after purchasing an additional 61 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in MercadoLibre by 33.3% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 56 shares of the company's stock valued at $95,000 after buying an additional 14 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of MercadoLibre by 11.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 861 shares of the company's stock worth $1,464,000 after acquiring an additional 85 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of MercadoLibre by 5.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 6,327 shares of the company's stock worth $10,759,000 after acquiring an additional 338 shares during the period. Finally, Traynor Capital Management Inc. raised its stake in shares of MercadoLibre by 26.5% in the fourth quarter. Traynor Capital Management Inc. now owns 1,103 shares of the company's stock valued at $1,876,000 after acquiring an additional 231 shares in the last quarter. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

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.