This Is What Whales Are Betting On MercadoLibre
Portfolio Pulse from Benzinga Insights
A large bearish position on MercadoLibre (NASDAQ:MELI) has been observed, with 76% of big-money traders being bearish. Whales have been targeting a price range of $940 to $1660 for MercadoLibre over the last 3 months. JP Morgan maintains an Overweight rating with a price target of $1700.
June 06, 2023 | 7:01 pm
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A large bearish position has been observed in MercadoLibre, with 76% of big-money traders being bearish. Whales target a price range of $940 to $1660, while JP Morgan maintains an Overweight rating with a $1700 price target.
The large bearish position observed in MercadoLibre indicates that big-money traders expect the stock price to decline in the short term. This bearish sentiment, combined with the targeted price range of $940 to $1660, suggests that the stock price may experience downward pressure. However, JP Morgan's Overweight rating and $1700 price target provide a counterbalance, indicating that the stock may still have potential for growth in the longer term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100