MercadoLibre (NASDAQ:MELI) Trading Up 0.3% – Here’s What Happened

Shares of MercadoLibre, Inc. (NASDAQ:MELI) traded up 0.3% on Thursday . The stock traded as high as $2,047.98 and last traded at $2,044.01. 28,756 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 346,086 shares. The stock had previously closed at $2,038.70.

Analyst Ratings Changes

MELI has been the subject of a number of recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $2,530.00 price objective on shares of MercadoLibre in a research note on Monday, October 7th. Bank of America increased their price target on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a research report on Thursday, September 12th. BTIG Research lifted their price objective on shares of MercadoLibre from $2,025.00 to $2,250.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. JPMorgan Chase & Co. downgraded shares of MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 target price for the company. in a research report on Wednesday, October 2nd. Finally, The Goldman Sachs Group lifted their price target on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Three equities 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $2,301.67.

MercadoLibre Price Performance

The business has a 50 day simple moving average of $2,044.50 and a two-hundred day simple moving average of $1,775.88. The firm has a market capitalization of $104.37 billion, a P/E ratio of 91.45, a price-to-earnings-growth ratio of 1.25 and a beta of 1.61. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.28.

MercadoLibre (NASDAQ:MELI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $10.48 EPS for the quarter, topping the consensus estimate of $8.53 by $1.95. MercadoLibre had a return on equity of 43.52% and a net margin of 8.03%. The company had revenue of $5.07 billion during the quarter, compared to analyst estimates of $4.64 billion. During the same quarter in the previous year, the firm earned $5.16 earnings per share. MercadoLibre’s revenue was up 41.5% on a year-over-year basis. On average, sell-side analysts expect that MercadoLibre, Inc. will post 37.55 EPS for the current fiscal year.

Institutional Trading of MercadoLibre

Hedge funds have recently made changes to their positions in the stock. Goldstein Advisors LLC purchased a new stake in MercadoLibre during the third quarter valued at about $222,000. Frank Rimerman Advisors LLC boosted its holdings in shares of MercadoLibre by 1.7% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 756 shares of the company’s stock worth $1,551,000 after purchasing an additional 13 shares in the last quarter. Smith Salley Wealth Management increased its position in shares of MercadoLibre by 9.7% during the 3rd quarter. Smith Salley Wealth Management now owns 1,295 shares of the company’s stock valued at $2,657,000 after purchasing an additional 114 shares during the last quarter. Modera Wealth Management LLC purchased a new position in shares of MercadoLibre during the 3rd quarter valued at about $255,000. Finally, Covenant Partners LLC raised its holdings in shares of MercadoLibre by 11.0% during the 3rd quarter. Covenant Partners LLC now owns 443 shares of the company’s stock valued at $909,000 after buying an additional 44 shares in the last quarter. 87.62% of the stock is owned by institutional investors.

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.