Some Traders Are Very Bullish on Mercadolibre Inc (MELI) After Forming Bullish Multiple Top Pattern

September 17, 2017 - By Marry Poplack

Investors sentiment increased to 1.98 in Q4 2016. Its up 0.72, from 1.26 in 2016Q3. It increased, as 41 investors sold Mercadolibre Inc shares while 45 reduced holdings. 76 funds opened positions while 94 raised stakes. 37.49 million shares or 24.43% more from 30.13 million shares in 2016Q3 were reported.
Stephens Invest Mgmt Grp Ltd Liability has 171,909 shares for 0.75% of their portfolio. Boston holds 0% of its portfolio in Mercadolibre Inc (NASDAQ:MELI) for 10,000 shares. Moreover, Mirae Asset Global Invs Company Limited has 0.32% invested in Mercadolibre Inc (NASDAQ:MELI) for 91,400 shares. Geode Mngmt Limited Liability Company accumulated 0% or 62,138 shares. Communications Tx holds 0.05% or 5,775 shares in its portfolio. Kcg owns 1,542 shares. Baillie Gifford holds 6.38 million shares or 1.64% of its portfolio. Allianz Asset Management Ag reported 41,922 shares. Engineers Gate Manager Lp has invested 0.45% in Mercadolibre Inc (NASDAQ:MELI). Howland Cap Mngmt Limited Liability Com has 14,894 shares. Jpmorgan Chase And holds 0.05% or 1.39 million shares in its portfolio. 92,573 were accumulated by Glob X Mgmt Company Limited Liability Company. Manufacturers Life The invested in 0% or 273 shares. Peak6 Invs Ltd Partnership accumulated 43,899 shares. Commerzbank Aktiengesellschaft Fi holds 0.01% or 5,534 shares in its portfolio.

The stock of Mercadolibre Inc (MELI) shows a multiple tops pattern with $308.15 target or 9.00 % above today’s $282.71 share price. The 9 months chart pattern indicates low risk for the $12.48B company. It was reported on Sep, 17 by If the $308.15 price target is reached, the company will be worth $1.12B more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 1.81% or $5.21 on September 15, reaching $282.71. About 811,096 shares traded. Mercadolibre Inc (NASDAQ:MELI) has risen 106.82% since September 17, 2016 and is uptrending. It has outperformed by 90.12% the S&P500.

Analysts await Mercadolibre Inc (NASDAQ:MELI) to report earnings on November, 2. They expect $0.80 EPS, down 10.11 % or $0.09 from last year’s $0.89 per share. MELI’s profit will be $35.32 million for 88.35 P/E if the $0.80 EPS becomes a reality. After $0.61 actual EPS reported by Mercadolibre Inc for the previous quarter, Wall Street now forecasts 31.15 % EPS growth.

Mercadolibre Inc (NASDAQ:MELI) Ratings Coverage

Among 14 analysts covering MercadoLibre (NASDAQ:MELI), 7 have Buy rating, 1 Sell and 6 Hold. Therefore 50% are positive. MercadoLibre had 28 analyst reports since August 6, 2015 according to SRatingsIntel. The firm has “Neutral” rating by JP Morgan given on Monday, May 16. On Wednesday, December 7 the stock rating was upgraded by Goldman Sachs to “Buy”. The stock has “Buy” rating by KeyBanc Capital Markets on Tuesday, September 5. HSBC upgraded the shares of MELI in report on Wednesday, March 2 to “Hold” rating. The rating was upgraded by Stifel Nicolaus to “Buy” on Friday, August 25. The firm has “Overweight” rating by Barclays Capital given on Friday, August 4. The stock of Mercadolibre Inc (NASDAQ:MELI) has “Market Perform” rating given on Monday, April 25 by Cowen & Co. The firm earned “Neutral” rating on Monday, December 5 by Susquehanna. The stock of Mercadolibre Inc (NASDAQ:MELI) earned “Neutral” rating by JP Morgan on Tuesday, May 16. Stifel Nicolaus maintained Mercadolibre Inc (NASDAQ:MELI) rating on Friday, August 4. Stifel Nicolaus has “Hold” rating and $27500 target.

More recent Mercadolibre Inc (NASDAQ:MELI) news were published by: which released: “Alibaba Group Holding Ltd (BABA) vs Mercadolibre Inc (MELI)” on September 01, 2017. Also published the news titled: “Why Is Mercadolibre (MELI) Down 12.2% Since the Last Earnings Report?” on September 06, 2017.‘s news article titled: “MercadoLibre Reaches Analyst Target Price” with publication date: September 11, 2017 was also an interesting one.

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