MercadoLibre, Inc. (MELI) Shares Gap Down After Analyst Downgrade

MercadoLibre, Inc. (NASDAQ:MELI) gapped down before the market opened on Monday after BidaskClub downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $258.64, but opened at $260.47. MercadoLibre shares last traded at $256.76, with a volume of 866,261 shares traded.

A number of other brokerages have also recently commented on MELI. Credit Suisse Group raised their price objective on shares of MercadoLibre from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Monday, May 15th. Barclays PLC reiterated a “buy” rating and set a $275.00 target price on shares of MercadoLibre in a research report on Sunday, May 7th. Zacks Investment Research lowered MercadoLibre from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Goldman Sachs Group, Inc. (The) lowered MercadoLibre from a “buy” rating to a “neutral” rating and decreased their target price for the company from $309.00 to $290.00 in a research report on Tuesday, June 13th. Finally, Vetr upgraded MercadoLibre from a “buy” rating to a “strong-buy” rating and set a $316.69 target price on the stock in a research report on Monday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $261.69.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wedbush Securities Inc. raised 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. raised 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 raised 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. Toronto Dominion Bank raised its position in shares of MercadoLibre by 18.4% in the second quarter. Toronto Dominion Bank now owns 515 shares of the company’s stock worth $129,000 after buying an additional 80 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised 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. Institutional investors own 92.41% of the company’s stock.

The firm’s 50-day moving average price is $264.45 and its 200 day moving average price is $242.76. The stock has a market cap of $10.43 billion, a P/E ratio of 72.37 and a beta of 2.05.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Thursday, August 3rd. The company reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by $0.45. The firm had revenue of $316.53 million during the quarter, compared to analyst estimates of $312.16 million. MercadoLibre had a net margin of 13.37% and a return on equity of 37.59%. The firm’s revenue for the quarter was up 58.6% on a year-over-year basis. During the same period last year, the company posted $0.74 EPS. Equities research analysts forecast that MercadoLibre, Inc. will post $3.22 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Saturday, September 30th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.25%. The ex-dividend date of this dividend is Thursday, September 28th. MercadoLibre’s dividend payout ratio (DPR) is 18.40%.

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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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