MercadoLibre (NASDAQ:MELI) Shares Up 0.6% – Time to Buy?

MercadoLibre, Inc. (NASDAQ:MELI) shot up 0.6% during mid-day trading on Wednesday . The company traded as high as $2,042.52 and last traded at $2,027.27. 71,936 shares were traded during trading, a decline of 80% from the average session volume of 352,620 shares. The stock had previously closed at $2,014.23.

Analyst Ratings Changes

A number of brokerages have issued reports on MELI. Bank of America increased their price target on MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a research note on Thursday, September 12th. JPMorgan Chase & Co. lowered MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price target for the company. in a research note on Wednesday, October 2nd. BTIG Research raised their price objective on MercadoLibre from $2,025.00 to $2,250.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Citigroup raised their price objective on MercadoLibre from $2,000.00 to $2,200.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $2,530.00 price objective on shares of MercadoLibre in a research note on Monday. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, MercadoLibre presently has a consensus rating of “Moderate Buy” and an average target price of $2,246.07.

MercadoLibre Trading Up 0.4 %

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 company has a fifty day moving average of $1,989.99 and a 200-day moving average of $1,735.41. The firm has a market capitalization of $102.54 billion, a PE ratio of 90.71, a price-to-earnings-growth ratio of 1.34 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $10.48 earnings per share (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 business had revenue of $5.07 billion during the quarter, compared to analyst estimates of $4.64 billion. During the same period last year, the company earned $5.16 earnings per share. MercadoLibre’s quarterly revenue was up 41.5% compared to the same quarter last year. On average, sell-side analysts anticipate that MercadoLibre, Inc. will post 35.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MercadoLibre

Hedge funds have recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. increased its position in MercadoLibre by 1,600.0% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after buying an additional 16 shares during the last quarter. First PREMIER Bank acquired a new position in MercadoLibre during the first quarter worth $27,000. Financial Connections Group Inc. acquired a new position in MercadoLibre during the second quarter worth $36,000. Scarborough Advisors LLC acquired a new position in MercadoLibre during the fourth quarter worth $36,000. Finally, Transcendent Capital Group LLC acquired a new position in MercadoLibre during the fourth quarter worth $38,000. 87.62% of the stock is 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.