MercadoLibre (NASDAQ:MELI) Shares Gap Down – Here’s Why

MercadoLibre, Inc. (NASDAQ:MELI)’s share price gapped down prior to trading on Friday . The stock had previously closed at $2,044.76, but opened at $1,984.98. MercadoLibre shares last traded at $1,957.74, with a volume of 106,193 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have commented on MELI shares. Susquehanna raised their price objective on MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a research report on Wednesday, August 28th. Citigroup decreased their price target on shares of MercadoLibre from $2,480.00 to $2,450.00 and set a “buy” rating on the stock in a research note on Tuesday. The Goldman Sachs Group increased their price objective on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. StockNews.com lowered shares of MercadoLibre from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. Finally, Cantor Fitzgerald dropped their price target on shares of MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,267.67.

MercadoLibre Stock Down 3.0 %

The company has a market cap of $100.58 billion, a P/E ratio of 72.15, a PEG ratio of 1.39 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. The firm has a fifty day moving average price of $2,023.33 and a 200 day moving average price of $1,865.50.

Institutional Investors Weigh In On MercadoLibre

A number of hedge funds have recently added to or reduced their stakes in MELI. B. Riley Wealth Advisors Inc. grew its stake in shares of MercadoLibre by 2.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 1,022 shares of the company’s stock valued at $1,545,000 after purchasing an additional 22 shares during the last quarter. Comerica Bank increased its stake in shares of MercadoLibre by 14.4% in the 1st quarter. Comerica Bank now owns 2,068 shares of the company’s stock valued at $3,127,000 after buying an additional 260 shares during the period. Swedbank AB bought a new stake in shares of MercadoLibre during the first quarter worth $30,037,000. Cetera Investment Advisers lifted its stake in shares of MercadoLibre by 290.7% during the first quarter. Cetera Investment Advisers now owns 5,771 shares of the company’s stock valued at $8,726,000 after acquiring an additional 4,294 shares during the period. Finally, Cetera Advisors LLC boosted its holdings in MercadoLibre by 107.3% in the first quarter. Cetera Advisors LLC now owns 1,988 shares of the company’s stock valued at $3,006,000 after acquiring an additional 1,029 shares during the last quarter. Institutional investors own 87.62% of the company’s stock.

About MercadoLibre

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.