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7 Stocks Hitting New Highs

MercadoLibre

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MercadoLibre (MELI) hosts an online commerce platform in Latin America located at www.mercadolibre.com which is focused on enabling e-commerce and its related services. This stock is trading up 3% at $93.93 in recent trading after hitting a 52-week high of $95.48 earlier in the day.

Today's Range: $91.00-$95.48

52-week Range: $48.30-$95.48

Volume: 633,000 shares

Three-Month Average Volume: 656,925 shares

MercadoLibre, one of TheStreet Ratings' top-rated Internet stocks, has a market cap of $4.11 billion and an enterprise value of $3.89 billion. The stock trades at a trailing price-to-earnings of 57.84 and a forward price-to-earnings of 39.94. Its estimated growth rate for this year is 37.8%, and for next year it's pegged at 33.1%.

From a technical standpoint, this stock broke out earlier in the trading session above $89.99, but has since then reversed course off the daily highs and is now showing some bearish signs. Market players should watch for a bearish short trade to trigger if MELI closes below $89.99 on high-volume. Volume at last check is already tracking in very high, so watch the closing price.

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