MercadoLibre (NASDAQ:MELI) Shares Up 1.9% – Here’s Why

MercadoLibre, Inc. (NASDAQ:MELI)’s stock price shot up 1.9% during mid-day trading on Friday . The company traded as high as $2,080.00 and last traded at $2,080.00. 48,432 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 351,317 shares. The stock had previously closed at $2,040.50.

Analyst Ratings Changes

A number of brokerages recently issued reports on MELI. Dbs Bank upgraded shares of MercadoLibre from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 11th. Barclays upped their price objective on shares of MercadoLibre from $2,100.00 to $2,500.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. BTIG Research upped their price objective 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. The Goldman Sachs Group upped their price objective 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. Finally, Bank of America upped their price objective 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. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,283.00.

MercadoLibre Stock Up 2.5 %

The firm has a 50 day moving average of $2,012.56 and a 200-day moving average of $1,744.90. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.28 and a quick ratio of 1.26. The stock has a market capitalization of $106.02 billion, a P/E ratio of 93.56, a price-to-earnings-growth 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 (EPS) for the quarter, beating analysts’ consensus estimates of $8.53 by $1.95. The business had revenue of $5.07 billion for the quarter, compared to analysts’ expectations 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 in the previous year, the business posted $5.16 earnings per share. On average, equities research analysts expect that MercadoLibre, Inc. will post 37.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MercadoLibre

A number of hedge funds have recently made changes to their positions in the business. O Dell Group LLC increased its stake in MercadoLibre by 2.1% in the first quarter. O Dell Group LLC now owns 294 shares of the company’s stock valued at $445,000 after acquiring an additional 6 shares during the period. Belpointe Asset Management LLC raised its holdings in shares of MercadoLibre by 1.0% in the 2nd quarter. Belpointe Asset Management LLC now owns 618 shares of the company’s stock worth $1,016,000 after buying an additional 6 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of MercadoLibre by 0.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,472 shares of the company’s stock worth $2,419,000 after buying an additional 6 shares during the period. Evolutionary Tree Capital Management LLC boosted its stake in MercadoLibre by 0.3% in the 2nd quarter. Evolutionary Tree Capital Management LLC now owns 2,071 shares of the company’s stock valued at $3,403,000 after buying an additional 6 shares in the last quarter. Finally, Hilltop National Bank grew its position in MercadoLibre by 14.3% in the second quarter. Hilltop National Bank now owns 56 shares of the company’s stock valued at $92,000 after acquiring an additional 7 shares during the period. Institutional investors and hedge funds own 87.62% of the company’s stock.

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.