Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Investors Business Daily
Investors Business Daily
Technology
RYAN DEFFENBAUGH

MercadoLibre Breaks Out Past A Buy Point With New 52-Week High

Shares of Latin American e-commerce company MercadoLibre were trading as much as 5% higher Friday, with MELI stock clearing a buy point and hitting a new 52-week high.

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.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.