Mercadolibre Inc (MELI) was Upgraded by JP Morgan to ” Overweight”. Earlier the firm had a rating of “Neutral ” on the company shares. JP Morgan advised their investors in a research report released on Sep 2, 2016.
Many Wall Street Analysts have commented on Mercadolibre Inc. Goldman Initiated Mercadolibre Inc on Aug 9, 2016 to “Neutral”, Price Target of the shares are set at $170.Company shares were Reiterated by Piper Jaffray on Aug 5, 2016 to “Overweight”, Firm has raised the Price Target to $ 185 from a previous price target of $160 .
On the company’s financial health, Mercadolibre Inc reported $0.74 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.60. The company had revenue of $199.64 million for the quarter, compared to analysts expectations of $180.94 million. The company’s revenue was up 29.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS.
Mercadolibre Inc opened for trading at $172.65 and hit $173.82 on the upside on Thursday, eventually ending the session at $173.68, with a gain of 0.98% or 1.68 points. The heightened volatility saw the trading volume jump to 4,27,762 shares. Company has a market cap of $7,669 M.
Investors should note that on Aug 4, 2016, Mercadolibre Inc announced a cash dividend of $0.1500. The company’s management has announced Sep 28, 2016 as the ex-dividend date and fixed the record date on Sep 30, 2016. The payable date has been fixed on Oct 14, 2016.
In a different news, on Aug 22, 2016, Daniel Rabinovich (EVP-Chief Technology Officer) sold 6,195 shares at $166.61 per share price. According to the SEC, on Aug 18, 2016, Marcelo Melamud (VP – Chief Accounting Officer) sold 786 shares at $171.31 per share price. On Aug 11, 2016, Pedro Arnt (Executive VP and CFO) sold 3,000 shares at $168.27 per share price, according to the Form-4 filing with the securities and exchange commission.
MercadoLibre Inc. 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 in Argentina Brazil Chile Colombia Costa Rica Ecuador Mexico Peru Uruguay and Venezuela. The Company also operates online commerce platforms in the Dominican Republic Panama and Portugal. The Company offers its users an eco-system of six related e-commerce services: the MercadoLibre Marketplace The MercadoLibre Classifieds Service the MercadoPago payments solution the MercadoLibre Advertising program the MercadoShops online stores solution and the Mercado Envios shipping service. The Company also operates a real estate classified platform that covers some areas of State of Florida in the United States.