Why MercadoLibre Stock Gained Today

Evan Niu, CFA, The Motley Fool
·2 min read
Why MercadoLibre Stock Gained Today

Shares of MercadoLibre (NASDAQ: MELI) have gained as much as 5% today after the company received a bullish vote of confidence from Wall Street. Analyst Ravi Jain is impressed with the Latin American e-commerce company's rise to a $100 billion market cap, and wouldn't be surprised if the stock "face[d] a near-term breather." Like many e-commerce platforms, MercadoLibre has been an inadvertent beneficiary of the COVID-19 pandemic, as consumers quickly shifted to purchasing things online.