MercadoLibre (NASDAQ:MELI) Stock Price Up 0.4% – Here’s What Happened

MercadoLibre, Inc. (NASDAQ:MELI) shot up 0.4% on Wednesday . The company traded as high as $2,052.78 and last traded at $2,042.22. 38,471 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 350,375 shares. The stock had previously closed at $2,033.62.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MELI shares. StockNews.com downgraded shares of MercadoLibre from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $2,530.00 target price on shares of MercadoLibre in a report on Monday, October 7th. Redburn Atlantic initiated 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. Raymond James started coverage on shares of MercadoLibre in a research note on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price target on the stock. Finally, The Goldman Sachs Group boosted their target price on MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research note 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $2,283.00.

MercadoLibre Stock Performance

The company has a current ratio of 1.28, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $103.64 billion, a price-to-earnings ratio of 91.37, a PEG ratio of 1.25 and a beta of 1.61. The stock has a fifty day moving average price of $2,023.10 and a 200-day moving average price of $1,754.14.

MercadoLibre (NASDAQ:MELI) last issued its earnings results on Thursday, August 1st. The company reported $10.48 EPS for the quarter, beating the consensus estimate of $8.53 by $1.95. The company had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $4.64 billion. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The firm’s revenue for the quarter was up 41.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.16 EPS. As a group, analysts anticipate that MercadoLibre, Inc. will post 37.55 earnings per share for the current fiscal year.

Institutional Trading of MercadoLibre

A number of large investors have recently bought and sold shares of MELI. Sumitomo Life Insurance Co. bought a new stake in MercadoLibre in the 3rd quarter valued at approximately $2,257,000. Jamison Private Wealth Management Inc. lifted its position in shares of MercadoLibre by 10.8% in the third quarter. Jamison Private Wealth Management Inc. now owns 1,336 shares of the company’s stock worth $2,741,000 after purchasing an additional 130 shares in the last quarter. Petredis Investment Advisors LLC grew its position in MercadoLibre by 2.6% in the third quarter. Petredis Investment Advisors LLC now owns 2,328 shares of the company’s stock valued at $4,777,000 after purchasing an additional 60 shares in the last quarter. Prospect Financial Services LLC acquired a new stake in shares of MercadoLibre in the third quarter valued at about $402,000. Finally, Swedbank AB boosted its position in MercadoLibre by 352.8% during the third quarter. Swedbank AB now owns 94,123 shares of the company’s stock valued at $193,137,000 after purchasing an additional 73,336 shares during the last quarter. 87.62% of the stock is owned by 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.