Mercadolibre Shares Up 14.8% Following Strong Earnings (MELI)
Mercadolibre (NASDAQ:MELI)’s share price shot up 14.8% during mid-day trading on Friday following a stronger than expected earnings report, AR Network reports. The company traded as high as $108.94 and last traded at $106.15, with a volume of 2,124,064 shares. The stock had previously closed at $92.44.
The company reported $0.72 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.56 by $0.16. The company had revenue of $131.80 million for the quarter, compared to the consensus estimate of $110.02 million. During the same quarter in the prior year, the company posted $0.67 earnings per share. The company’s quarterly revenue was up 17.5% on a year-over-year basis.
MELI has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Mercadolibre from a “neutral” rating to an “underperform” rating in a research note on Wednesday, July 23rd. They now have a $87.50 price target on the stock. Separately, analysts at TheStreet upgraded shares of Mercadolibre to a “buy” rating in a research note on Friday, July 18th. Finally, analysts at JPMorgan Chase & Co. upgraded shares of Mercadolibre from a “neutral” rating to an “overweight” rating in a research note on Thursday, May 29th. They now have a $104.00 price target on the stock, down previously from $114.00. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $97.50.
The stock has a 50-day moving average of $91.77 and a 200-day moving average of $91.52. The company has a market cap of $4.680 billion and a price-to-earnings ratio of 31.37.
MercadoLibre Inc is an Argentina-based company active in the e-commerce industy. The Company hosts the online commerce platform in Latin America, focused on enabling e-commerce and its related services, and is located at www.
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