MercadoLibre, Inc. (MELI) Downgraded by Zacks Investment Research
MercadoLibre, Inc. (NASDAQ:MELI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday.
According to Zacks, “MercadoLibre is the largest online trading platform in Latin America. We are market leaders in e-commerce in each of Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay and Venezuela, based on unique visitors and page views. Additionally, we have recently launched online trading platforms in Costa Rica, the Dominican Republic and Panama. With a market of over Five fifty million people and a region with one of the world’s fastest-growing Internet penetration rates, we provide buyers and sellers a robust online trading environment that fosters the development of a large and growing e-commerce community. We offer a technological and commercial solution that addresses the distinctive cultural and geographic challenges of operating an online trading platform in Latin America. “
Several other equities research analysts have also recently issued reports on MELI. Credit Suisse Group boosted their price target on MercadoLibre from $260.00 to $290.00 and gave the company an “outperform” rating in a research note on Friday, May 5th. Barclays PLC reiterated a “buy” rating and issued a $275.00 price target on shares of MercadoLibre in a research note on Sunday, May 7th. Susquehanna Bancshares Inc reiterated a “neutral” rating and issued a $275.00 price target (up from $213.00) on shares of MercadoLibre in a research note on Tuesday, May 9th. J P Morgan Chase & Co cut MercadoLibre from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $296.24 to $300.00 in a research note on Tuesday, May 16th. Finally, Bank of America Corporation boosted their price target on MercadoLibre from $300.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, May 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $259.91.
MercadoLibre (NASDAQ MELI) opened at 251.92 on Wednesday. The stock’s 50 day moving average price is $271.82 and its 200-day moving average price is $238.35. MercadoLibre has a one year low of $148.98 and a one year high of $297.95. The firm has a market cap of $11.12 billion, a price-to-earnings ratio of 71.94 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 consensus estimate of $1.06 by $0.45. The company had revenue of $316.53 million during the quarter, compared to the consensus estimate of $312.16 million. MercadoLibre had a net margin of 13.37% and a return on equity of 38.10%. The company’s quarterly revenue was up 58.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.74 earnings per share. Analysts forecast that MercadoLibre will post $3.95 earnings per share for the current year.
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A number of large investors have recently added to or reduced their stakes in the company. Wedbush Securities Inc. increased its position in shares of MercadoLibre by 0.5% in the first quarter. Wedbush Securities Inc. now owns 3,125 shares of the company’s stock worth $661,000 after buying an additional 16 shares during the last quarter. Mn Services Vermogensbeheer B.V. increased its position in shares of MercadoLibre by 3.0% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 1,060 shares of the company’s stock worth $210,000 after buying an additional 31 shares during the last quarter. Van ECK Associates Corp increased its position in shares of MercadoLibre by 7.3% in the first quarter. Van ECK Associates Corp now owns 735 shares of the company’s stock worth $155,000 after buying an additional 50 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of 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 worth $486,000 after buying an additional 100 shares during the last quarter. Finally, Perigon Wealth Management LLC increased its position in shares of MercadoLibre by 3.0% in the first quarter. Perigon Wealth Management LLC now owns 3,979 shares of the company’s stock worth $842,000 after buying an additional 115 shares during the last quarter. Hedge funds and other institutional investors own 92.15% of the company’s stock.
MercadoLibre Company Profile
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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