Short Interest in MercadoLibre SA (MELI) Drops By 20.7%
MercadoLibre SA (NASDAQ:MELI) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 1,402,974 shares, a decline of 20.7% from the October 14th total of 1,769,324 shares. Based on an average daily volume of 558,443 shares, the days-to-cover ratio is currently 2.5 days. Currently, 4.5% of the shares of the stock are short sold.
In related news, major shareholder Ebay Inc sold 7,100,000 shares of MercadoLibre SA stock in a transaction on Wednesday, October 19th. The stock was sold at an average price of $168.00, for a total transaction of $1,192,800,000.00. Following the completion of the transaction, the insider now directly owns 1,026,062 shares of the company’s stock, valued at $172,378,416. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.36% of the company’s stock.
A number of institutional investors have recently modified their holdings of MELI. Jericho Capital Asset Management L.P. purchased a new position in shares of MercadoLibre SA during the first quarter worth about $52,059,000. Sterling Ridge Capital Management LP purchased a new position in shares of MercadoLibre SA during the first quarter worth about $488,000. Societe Generale bought a new stake in MercadoLibre SA during the second quarter valued at $186,000. Telemus Capital LLC bought a new stake in MercadoLibre SA during the second quarter valued at $216,000. Finally, Standard Life Investments LTD raised its stake in MercadoLibre SA by 25.5% in the second quarter. Standard Life Investments LTD now owns 149,499 shares of the company’s stock valued at $21,037,000 after buying an additional 30,350 shares in the last quarter. 74.32% of the stock is owned by hedge funds and other institutional investors.
MercadoLibre SA (NASDAQ:MELI) opened at 157.63 on Friday. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 56.14 and a beta of 2.14. MercadoLibre SA has a 1-year low of $84.19 and a 1-year high of $193.58. The company has a 50-day moving average price of $171.29 and a 200 day moving average price of $157.33.
MercadoLibre SA (NASDAQ:MELI) last issued its quarterly earnings results on Thursday, November 3rd. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. The firm earned $230.85 million during the quarter, compared to analyst estimates of $223.42 million. MercadoLibre SA had a return on equity of 38.86% and a net margin of 16.13%. The firm’s quarterly revenue was up 36.9% on a year-over-year basis. During the same period last year, the company posted $1.03 EPS. Equities analysts anticipate that MercadoLibre SA will post $2.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 16th. Shareholders of record on Saturday, December 31st will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date is Wednesday, December 28th. MercadoLibre SA’s payout ratio is currently 21.43%.
A number of equities analysts have recently weighed in on MELI shares. Piper Jaffray Cos. boosted their price target on MercadoLibre SA from $160.00 to $185.00 and gave the stock an “overweight” rating in a report on Friday, August 5th. Goldman Sachs Group Inc. started coverage on MercadoLibre SA in a report on Tuesday, August 9th. They issued a “neutral” rating and a $170.00 price target for the company. JPMorgan Chase & Co. raised MercadoLibre SA from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $173.68 to $200.00 in a report on Friday, September 2nd. Zacks Investment Research raised MercadoLibre SA from a “hold” rating to a “strong-buy” rating and set a $212.00 price target for the company in a report on Wednesday, October 5th. Finally, Stifel Nicolaus boosted their price target on MercadoLibre SA from $150.00 to $180.00 and gave the stock a “hold” rating in a report on Thursday, October 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $166.11.
About MercadoLibre SA
MercadoLibre, Inc (MercadoLibre) hosts an online commerce platform in Latin America, which is focused on enabling e-commerce and its related services. The Company provides a portfolio of services facilitating e-commerce transactions. Its geographic segments are Brazil, Argentina, Mexico, Venezuela and other countries (including Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama, Peru, Portugal, Guatemala, Bolivia, Paraguay, Uruguay and the United States of America.
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