MercadoLibre, Inc. (NASDAQ:MELI) Sees Large Increase in Short Interest

MercadoLibre, Inc. (NASDAQ:MELI) saw a significant increase in short interest in November. As of November 15th, there was short interest totalling 774,600 shares, an increase of 28.5% from the October 31st total of 603,000 shares. Based on an average daily trading volume, of 382,600 shares, the short-interest ratio is currently 2.0 days. Approximately 1.7% of the company’s stock are sold short.

Wall Street Analyst Weigh In

MELI has been the subject of several analyst reports. Raymond James initiated coverage on MercadoLibre in a research report on Friday, September 27th. They set an “outperform” rating and a $2,350.00 price objective for the company. Bank of America upped their price target on MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a report on Thursday, September 12th. Susquehanna raised their price objective on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a report on Wednesday, August 28th. JPMorgan Chase & Co. lowered their target price on shares of MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Finally, StockNews.com lowered shares of MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, MercadoLibre has an average rating of “Moderate Buy” and an average target price of $2,267.67.

Hedge Funds Weigh In On MercadoLibre

A number of large investors have recently bought and sold shares of MELI. Planning Capital Management Corp increased its stake in shares of MercadoLibre by 9.1% during the third quarter. Planning Capital Management Corp now owns 60 shares of the company’s stock worth $123,000 after acquiring an additional 5 shares during the period. Mount Lucas Management LP increased its position in MercadoLibre by 3.6% during the 3rd quarter. Mount Lucas Management LP now owns 143 shares of the company’s stock worth $293,000 after purchasing an additional 5 shares during the period. Belpointe Asset Management LLC raised its stake in shares of MercadoLibre by 1.0% during the 2nd quarter. Belpointe Asset Management LLC now owns 618 shares of the company’s stock worth $1,016,000 after buying an additional 6 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of MercadoLibre by 0.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,472 shares of the company’s stock valued at $2,419,000 after buying an additional 6 shares during the period. Finally, Evolutionary Tree Capital Management LLC boosted its stake in shares of MercadoLibre by 0.3% in the second quarter. Evolutionary Tree Capital Management LLC now owns 2,071 shares of the company’s stock valued at $3,403,000 after buying an additional 6 shares in the last quarter. Hedge funds and other institutional investors own 87.62% of the company’s stock.

MercadoLibre Price Performance

MercadoLibre stock opened at $1,985.17 on Monday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.25 and a quick ratio of 1.22. The business has a 50 day simple moving average of $2,020.96 and a 200-day simple moving average of $1,869.98. MercadoLibre has a 12 month low of $1,324.99 and a 12 month high of $2,161.73. The stock has a market capitalization of $100.65 billion, a PE ratio of 70.05, a price-to-earnings-growth ratio of 1.35 and a beta of 1.61.

MercadoLibre Company Profile

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.