MercadoLibre (MELI) closed at $2,056.09 in the latest trading session, marking a +0.43% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.27%. Meanwhile, the Dow gained 0.65%, and the Nasdaq, a tech-heavy index, added 0.26%.

The operator of an online marketplace and payments system in Latin America's stock has dropped by 0.84% in the past month, falling short of the Retail-Wholesale sector's loss of 0.61% and the S&P 500's gain of 2%.

The upcoming earnings release of MercadoLibre will be of great interest to investors. The company is forecasted to report an EPS of $11.27, showcasing a 57.4% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $5.25 billion, indicating a 39.52% growth compared to the corresponding quarter of the prior year.

MELI's full-year Zacks Consensus Estimates are calling for earnings of $37.70 per share and revenue of $20.51 billion. These results would represent year-over-year changes of +93.73% and +41.74%, respectively.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for MercadoLibre. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.08% upward. MercadoLibre is holding a Zacks Rank of #2 (Buy) right now.

With respect to valuation, MercadoLibre is currently being traded at a Forward P/E ratio of 54.3. This signifies a premium in comparison to the average Forward P/E of 23.27 for its industry.

It is also worth noting that MELI currently has a PEG ratio of 1.25. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Internet - Commerce industry was having an average PEG ratio of 1.25.

The Internet - Commerce industry is part of the Retail-Wholesale sector. Currently, this industry holds a Zacks Industry Rank of 66, positioning it in the top 27% of all 250+ industries.