MercadoLibre, Inc. (NASDAQ:MELI) Short Interest Up 28.5% in November

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

MercadoLibre Price Performance

NASDAQ:MELI opened at $1,985.17 on Friday. 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 business’s 50-day moving average price is $2,020.96 and its 200 day moving average price is $1,867.64. MercadoLibre has a 52-week low of $1,324.99 and a 52-week high of $2,161.73. The firm has a market cap of $100.64 billion, a P/E ratio of 70.05, a PEG ratio of 1.39 and a beta of 1.61.

Hedge Funds Weigh In On MercadoLibre

Several hedge funds have recently made changes to their positions in MELI. Tidal Investments LLC lifted its stake in MercadoLibre by 59.7% during the third quarter. Tidal Investments LLC now owns 15,829 shares of the company’s stock valued at $32,480,000 after purchasing an additional 5,918 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of MercadoLibre in the third quarter valued at $977,000. World Investment Advisors LLC lifted its position in shares of MercadoLibre by 35.7% during the 3rd quarter. World Investment Advisors LLC now owns 475 shares of the company’s stock valued at $975,000 after acquiring an additional 125 shares during the last quarter. Anchor Investment Management LLC boosted its stake in shares of MercadoLibre by 19.1% during the 3rd quarter. Anchor Investment Management LLC now owns 629 shares of the company’s stock worth $1,291,000 after acquiring an additional 101 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of MercadoLibre in the 3rd quarter worth $12,784,000. Institutional investors and hedge funds own 87.62% of the company’s stock.

Wall Street Analyst Weigh In

MELI has been the subject of several recent research reports. Bank of America upped their target price 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 boosted their price objective on MercadoLibre from $2,300.00 to $2,350.00 and gave the company a “positive” rating in a research report on Wednesday, August 28th. BTIG Research dropped their target price on MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Wedbush reiterated an “outperform” rating and issued a $2,200.00 target price (up from $2,000.00) on shares of MercadoLibre in a research note on Thursday, November 7th. Finally, Barclays lowered their price target on shares of MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $2,267.67.

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.