MercadoLibre (NASDAQ:MELI) Shares Down 0.4% – Here’s Why

MercadoLibre, Inc. (NASDAQ:MELI)’s share price was down 0.4% on Friday . The stock traded as low as $2,046.67 and last traded at $2,057.03. Approximately 55,380 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 349,076 shares. The stock had previously closed at $2,065.87.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Bank of America raised their price target on MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a “buy” rating in a research note on Thursday, September 12th. StockNews.com downgraded shares of MercadoLibre from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. 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 objective on the stock. Dbs Bank raised shares of MercadoLibre from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 11th. Finally, JPMorgan Chase & Co. lowered MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price target on the stock. in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $2,283.00.

MercadoLibre Trading Up 0.7 %

The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67. The business’s fifty day moving average is $2,034.69 and its 200 day moving average is $1,763.90. The stock has a market cap of $105.44 billion, a PE ratio of 93.06, a P/E/G ratio of 1.25 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last released its quarterly earnings data on Thursday, August 1st. The company reported $10.48 earnings per share for the quarter, beating the consensus estimate of $8.53 by $1.95. The firm had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $4.64 billion. MercadoLibre had a return on equity of 43.52% and a net margin of 8.03%. MercadoLibre’s quarterly revenue was up 41.5% on a year-over-year basis. During the same period last year, the business posted $5.16 EPS. As a group, analysts predict that MercadoLibre, Inc. will post 37.55 earnings per share for the current year.

Hedge Funds Weigh In On MercadoLibre

Several hedge funds have recently added to or reduced their stakes in MELI. Heritage Wealth Management Inc. CA acquired a new stake in shares of MercadoLibre in the third quarter valued at approximately $259,000. OLD National Bancorp IN raised its holdings in shares of MercadoLibre by 25.3% in the third quarter. OLD National Bancorp IN now owns 347 shares of the company’s stock worth $712,000 after acquiring an additional 70 shares during the last quarter. Schaper Benz & Wise Investment Counsel Inc. WI lifted its position in shares of MercadoLibre by 6.6% in the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 194 shares of the company’s stock valued at $398,000 after acquiring an additional 12 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in MercadoLibre during the 3rd quarter worth about $232,000. Finally, Chicago Capital LLC raised its stake in MercadoLibre by 8.7% in the 3rd quarter. Chicago Capital LLC now owns 3,917 shares of the company’s stock valued at $8,038,000 after purchasing an additional 315 shares during 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.