MercadoLibre (NASDAQ:MELI) Trading Down 1.2% – Here’s What Happened

MercadoLibre, Inc. (NASDAQ:MELI)’s share price dropped 1.2% during mid-day trading on Tuesday . The company traded as low as $2,074.03 and last traded at $2,076.06. Approximately 31,232 shares were traded during trading, a decline of 91% from the average daily volume of 347,771 shares. The stock had previously closed at $2,100.58.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lowered shares of MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price objective for the company. in a research note on Wednesday, October 2nd. The Goldman Sachs Group upped their price objective on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Morgan Stanley raised their target price on MercadoLibre from $2,175.00 to $2,500.00 and gave the company an “overweight” rating in a research note on Friday, September 20th. Redburn Atlantic assumed coverage on MercadoLibre in a report on Friday, October 11th. They issued a “buy” rating and a $2,800.00 price target on the stock. Finally, Dbs Bank upgraded MercadoLibre from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 11th. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $2,301.67.

MercadoLibre Stock Down 1.4 %

The stock has a 50-day simple moving average of $2,044.50 and a two-hundred day simple moving average of $1,775.88. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67. The firm has a market cap of $103.36 billion, a PE ratio of 91.22, a P/E/G ratio of 1.25 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 (EPS) for the quarter, topping the consensus estimate of $8.53 by $1.95. The business had revenue of $5.07 billion during the quarter, compared to analyst estimates of $4.64 billion. MercadoLibre had a return on equity of 43.52% and a net margin of 8.03%. MercadoLibre’s revenue for the quarter was up 41.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.16 earnings per share. Analysts expect that MercadoLibre, Inc. will post 37.55 earnings per share for the current year.

Institutional Investors Weigh In On MercadoLibre

Several hedge funds have recently made changes to their positions in the company. Raymond James & Associates lifted its holdings in shares of MercadoLibre by 4.8% during the second quarter. Raymond James & Associates now owns 34,840 shares of the company’s stock valued at $57,256,000 after purchasing an additional 1,604 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in MercadoLibre by 20.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 27,642 shares of the company’s stock valued at $41,794,000 after buying an additional 4,658 shares during the last quarter. Caprock Group LLC boosted its holdings in MercadoLibre by 143.7% in the second quarter. Caprock Group LLC now owns 580 shares of the company’s stock worth $955,000 after acquiring an additional 342 shares in the last quarter. Sarasin & Partners LLP grew its stake in shares of MercadoLibre by 168.5% in the second quarter. Sarasin & Partners LLP now owns 45,407 shares of the company’s stock worth $74,622,000 after acquiring an additional 28,494 shares during the last quarter. Finally, Privium Fund Management UK Ltd bought a new position in shares of MercadoLibre during the second quarter valued at $875,000. 87.62% of the stock is currently 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.