MercadoLibre Breaks Out With New 52-Week High
Shares of Latin American e-commerce company MercadoLibre (MELI) were trading as much as 5% higher Friday, with MELI stock clearing a buy point and hitting a new 52-week high.
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On the stock market today, MELI stock is up 4.7% at 1,666.53 in recent action. The gains pushed shares of MercadoLibre past a 1,660 buy point from a recently formed flat-base pattern, according to IBD MarketSmith. Shares also bounced up from the stocks 21-day moving average.
Recent bullish reports from Wall Street analysts could be helping the stock. Analysts with Bank of America on Thursday reiterated a buy rating and 2,000 price target for MELI stock. The analysts believe MercadoLibre can boost earnings through marketing sales, logistics and financial services, as described by Investing.com.
MELI Stock: 86% Gain In 2023
Last year, MELI shares gained 86%. Analysts expect the company to show earnings growth of 137% for the full year in 2023, with sales growth of 35%, when MercadoLibre releases fourth-quarter results next month, according to FactSet.
Founded in Argentina in 1999, MercadoLibre is often called the Amazon.com of Latin America for its e-commerce operations. But it also offers fintech services within the region, including a popular Venmo-like digital wallet.
MELI stock was an IBD Stock Of The Day last week.
MercadoLibre shares hit 1,678 in intraday trading, representing a new 52-week high. MELI is off about 15% from an all-time high near 2,000 that it reached in January 2021.