MercadoLibre, Inc. (MELI) Shares Gap Down Following Analyst Downgrade
MercadoLibre, Inc. (NASDAQ:MELI) shares gapped down before the market opened on Monday after Barclays PLC lowered their price target on the stock from $290.00 to $275.00. The stock had previously closed at $258.64, but opened at $260.47. Barclays PLC currently has an overweight rating on the stock. MercadoLibre shares last traded at $256.76, with a volume of 866,261 shares traded.
MELI has been the topic of several other reports. Bank of America Corporation raised their target price on shares of MercadoLibre from $300.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, May 25th. BidaskClub upgraded shares of MercadoLibre from a “hold” rating to a “buy” rating in a research report on Sunday, July 16th. Citigroup Inc. lowered shares of MercadoLibre from a “buy” rating to a “neutral” rating and set a $280.00 price target on the stock. in a research report on Friday, June 23rd. J P Morgan Chase & Co lowered shares of MercadoLibre from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $296.24 to $300.00 in a research report on Tuesday, May 16th. Finally, Credit Suisse Group reiterated a “buy” rating and set a $290.00 price target on shares of MercadoLibre in a research report on Friday, July 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. MercadoLibre currently has a consensus rating of “Hold” and a consensus price target of $259.91.
A number of large investors have recently bought and sold shares of the stock. Wedbush Securities Inc. increased its stake in MercadoLibre by 0.5% in the first quarter. Wedbush Securities Inc. now owns 3,125 shares of the company’s stock valued at $661,000 after buying an additional 16 shares during the period. Mn Services Vermogensbeheer B.V. increased its stake in MercadoLibre by 3.0% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 1,060 shares of the company’s stock valued at $210,000 after buying an additional 31 shares during the period. Van ECK Associates Corp increased its stake in MercadoLibre by 7.3% in the first quarter. Van ECK Associates Corp now owns 735 shares of the company’s stock valued at $155,000 after buying an additional 50 shares during the period. State Board of Administration of Florida Retirement System increased its stake in MercadoLibre by 4.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 2,300 shares of the company’s stock valued at $486,000 after buying an additional 100 shares during the period. Finally, Perigon Wealth Management LLC increased its stake in MercadoLibre by 3.0% in the first quarter. Perigon Wealth Management LLC now owns 3,979 shares of the company’s stock valued at $842,000 after buying an additional 115 shares during the period. 92.15% of the stock is owned by hedge funds and other institutional investors.
The firm’s 50 day moving average is $270.73 and its 200-day moving average is $237.44. The company has a market capitalization of $11.34 billion, a PE ratio of 73.30 and a beta of 2.05.
MercadoLibre (NASDAQ:MELI) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by $0.45. The business had revenue of $316.53 million during the quarter, compared to the consensus estimate of $312.16 million. MercadoLibre had a return on equity of 38.10% and a net margin of 13.37%. The firm’s revenue was up 58.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.74 earnings per share. On average, analysts predict that MercadoLibre, Inc. will post $4.18 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Saturday, September 30th will be paid a $0.15 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.60 annualized dividend and a dividend yield of 0.23%. MercadoLibre’s payout ratio is 18.40%.
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MercadoLibre, Inc is an e-commerce company. The Company enables commerce through its marketplace platform in Latin America, which is designed to provide users with a portfolio of services to facilitate commercial transactions. Its geographic segments are Brazil, Argentina, Mexico Venezuela and Other Countries (which includes Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama, Peru, Portugal, Guatemala, Bolivia, Paraguay, Uruguay and the United States of America).
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