MercadoLibre (NASDAQ:MELI) Shares Up 0.6% – Here’s What Happened

MercadoLibre, Inc. (NASDAQ:MELI)’s stock price rose 0.6% on Tuesday . The stock traded as high as $2,075.68 and last traded at $2,068.08. Approximately 33,649 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 344,185 shares. The stock had previously closed at $2,056.09.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MELI. BTIG Research increased their target price on shares of MercadoLibre from $2,025.00 to $2,250.00 and gave the stock a “buy” rating in a report on Wednesday, August 21st. Dbs Bank upgraded shares of MercadoLibre from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 11th. Bank of America upped their price target on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a “buy” rating in a report on Thursday, September 12th. Redburn Atlantic started coverage on MercadoLibre in a research report on Friday, October 11th. They set a “buy” rating and a $2,800.00 price objective on the stock. Finally, Susquehanna increased their target price on MercadoLibre from $2,300.00 to $2,350.00 and gave the company a “positive” rating in a research report on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $2,301.67.

MercadoLibre Trading Up 1.4 %

The firm’s 50-day moving average price is $2,048.32 and its 200 day moving average price is $1,795.41. 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 company has a market cap of $103.84 billion, a price-to-earnings ratio of 73.39, a P/E/G ratio of 1.26 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last issued its earnings results on Thursday, August 1st. The company reported $10.48 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.64 billion. During the same period in the prior year, the firm earned $5.16 earnings per share. MercadoLibre’s revenue for the quarter was up 41.5% on a year-over-year basis. As a group, equities analysts expect that MercadoLibre, Inc. will post 37.55 EPS for the current year.

Institutional Trading of MercadoLibre

Institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC lifted its stake in MercadoLibre by 19.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,482 shares of the company’s stock valued at $3,753,000 after acquiring an additional 396 shares in the last quarter. Norden Group LLC bought a new stake in MercadoLibre in the 1st quarter worth about $4,693,000. HB Wealth Management LLC increased its stake in MercadoLibre by 28.3% in the 1st quarter. HB Wealth Management LLC now owns 231 shares of the company’s stock valued at $349,000 after buying an additional 51 shares during the last quarter. Private Advisor Group LLC lifted its position in shares of MercadoLibre by 4.5% during the 1st quarter. Private Advisor Group LLC now owns 554 shares of the company’s stock worth $838,000 after buying an additional 24 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new position in shares of MercadoLibre in the 1st quarter worth approximately $1,501,000. 87.62% of the stock is 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.