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

MercadoLibre, Inc. (NASDAQ:MELI)’s share price gapped down before the market opened on Friday after Susquehanna Bancshares lowered their price target on the stock from $275.00 to $230.00. The stock had previously closed at ($259.00), but opened at $0.00. MercadoLibre shares last traded at $0.00, with a volume of 3157341 shares traded.

A number of other brokerages also recently commented on MELI. BidaskClub downgraded shares of MercadoLibre from a “buy” rating to a “hold” rating in a research note on Wednesday, June 28th. Vetr upgraded shares of MercadoLibre from a “buy” rating to a “strong-buy” rating and set a $316.69 target price for the company in a research note on Monday, August 7th. Piper Jaffray Companies reiterated a “buy” rating and set a $287.00 target price on shares of MercadoLibre in a research note on Thursday, July 13th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $215.00 price objective on shares of MercadoLibre in a research note on Tuesday, October 3rd. Finally, J P Morgan Chase & Co restated a “neutral” rating and issued a $270.00 price objective on shares of MercadoLibre in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $256.67.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Orbis Allan Gray Ltd boosted its holdings in shares of MercadoLibre by 10.2% in the 2nd quarter. Orbis Allan Gray Ltd now owns 1,591,614 shares of the company’s stock valued at $399,304,000 after purchasing an additional 146,891 shares during the last quarter. Koch Industries Inc. boosted its holdings in shares of MercadoLibre by 85,458.8% in the 2nd quarter. Koch Industries Inc. now owns 965,959 shares of the company’s stock valued at $962,000 after purchasing an additional 964,830 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of MercadoLibre by 45.9% in the 2nd quarter. Jennison Associates LLC now owns 779,039 shares of the company’s stock valued at $195,445,000 after purchasing an additional 245,213 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in shares of MercadoLibre by 25.2% in the 1st quarter. Clearbridge Investments LLC now owns 570,066 shares of the company’s stock valued at $120,552,000 after purchasing an additional 114,824 shares during the last quarter. Finally, Harding Loevner LP boosted its holdings in shares of MercadoLibre by 1.7% in the 2nd quarter. Harding Loevner LP now owns 559,944 shares of the company’s stock valued at $140,479,000 after purchasing an additional 9,564 shares during the last quarter. Hedge funds and other institutional investors own 85.84% of the company’s stock.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Thursday, August 3rd. The company reported $0.61 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 37.59% and a net margin of 13.37%. The business’s revenue was up 58.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 earnings per share.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Saturday, September 30th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.24%. The ex-dividend date is Thursday, September 28th. MercadoLibre’s dividend payout ratio is 18.40%.

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About MercadoLibre

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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