MercadoLibre (NASDAQ:MELI) Shares Gap Down – What’s Next?

MercadoLibre, Inc. (NASDAQ:MELI) gapped down prior to trading on Friday . The stock had previously closed at $2,044.76, but opened at $1,984.98. MercadoLibre shares last traded at $1,957.74, with a volume of 106,193 shares.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Redburn Atlantic assumed coverage on MercadoLibre in a research note on Friday, October 11th. They set a “buy” rating and a $2,800.00 price objective for the company. Cantor Fitzgerald cut their price objective on MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. Morgan Stanley cut their price objective on MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. 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 restated an “outperform” rating and issued a $2,200.00 price target (up from $2,000.00) on shares of MercadoLibre in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $2,267.67.

MercadoLibre Price Performance

The company has a fifty day simple moving average of $2,020.96 and a two-hundred day simple moving average of $1,868.92. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25. The company has a market capitalization of $100.64 billion, a price-to-earnings ratio of 70.05, a P/E/G ratio of 1.39 and a beta of 1.61.

Institutional Trading of MercadoLibre

Several large investors have recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. boosted its position in MercadoLibre by 1,600.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock valued at $28,000 after buying an additional 16 shares during the last quarter. Optimum Investment Advisors boosted its position in MercadoLibre by 750.0% in the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock valued at $35,000 after buying an additional 15 shares during the last quarter. Financial Connections Group Inc. purchased a new position in MercadoLibre in the 2nd quarter valued at about $36,000. Quarry LP purchased a new position in MercadoLibre in the 2nd quarter valued at about $43,000. Finally, Legacy Bridge LLC boosted its position in MercadoLibre by 53.3% in the 3rd quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock valued at $47,000 after buying an additional 8 shares during the last quarter. 87.62% of the stock is currently owned by institutional investors and hedge funds.

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.