MercadoLibre (MELI) Reports Strong Q3 2024 Financial Results and Receives Positive Analyst Ratings

MercadoLibre, Inc. (NASDAQ: MELI) has released its financial results for the third quarter of 2024, as announced on November 6, 2024. The company reported its financial performance through a Letter to Shareholders available on its Investor Relations website. The earnings were discussed in a video conference, conference call, and audio webcast held at 5:00 p.m. Eastern Time on the same day.

The financial results highlight MercadoLibre’s continued strong performance. In the third quarter, the company saw significant growth in its e-commerce and fintech segments. MercadoLibre’s revenue and earnings have been on an upward trend, with the company achieving profitability and expanding its financial position over the past few years.

Analysts have maintained a positive outlook on MercadoLibre’s stock. According to 15 analysts, the average rating for MELI stock is “Strong Buy,” with a 12-month stock price forecast of $2,316.00, representing a 12.01% increase from the current price. Several research firms, including Cantor Fitzgerald, Dbs Bank, and The Goldman Sachs Group, have reaffirmed “overweight” or “buy” ratings with target prices ranging from $2,350.00 to $2,800.00.

Institutional investors have also shown significant interest in MercadoLibre. While some, like Hardman Johnston Global Advisors LLC and Wisconsin Capital Management LLC, have reduced their holdings, others such as Raymond James & Associates and Optimum Investment Advisors have increased their stakes in the company. Institutional investors own approximately 87.62% of MercadoLibre’s stock.

The company’s stock has performed well, with a 318% increase over the past five years and a 51% total return in the past year. This strong performance is attributed to MercadoLibre’s robust growth in its commerce, fintech, and advertising segments.