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NEW YORK (

TheStreet

) --

Mercadolibre

(Nasdaq:

MELI

) hit a new 52-week high Monday as it is currently trading at $88.41, above its previous 52-week high of $87.38 with 429,310 shares traded as of 2:16 p.m. ET. Average volume has been 636,400 shares over the past 30 days.

Mercadolibre has a market cap of $3.8 billion and is part of the

services

sector and

diversified services

industry. Shares are up 29.3% year to date as of the close of trading on Friday.

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MercadoLibre, Inc., through its subsidiaries, hosts online commerce and payments platforms in Latin America. Its services are designed to provide its users with mechanisms to buy, sell, pay for, and collect on e-commerce transactions. The company has a P/E ratio of 67.1, equal to the average diversified services industry P/E ratio and above the S&P 500 P/E ratio of 16.4.

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TheStreet Ratings rates Mercadolibre as a

buy

. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, notable return on equity and solid stock price performance. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full

Mercadolibre Ratings Report

.

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