MercadoLibre Is Up Just 5% So Far in 2024 -- Is It a Great Buy Right Now?

The Latin American commerce giant has lagged the market, but could now be time to buy?Latin America-based commerce giant MercadoLibre (MELI 1.63%) has taken investors on a bit of a rollercoaster ride so far in 2024 but is up by less than 5% from where it started the year. While this is certainly better than being in the red for the year, it is about 10 percentage points less than the S&P 500's year-to-date return.Despite the underperformance, MercadoLibre's business has actually performed quite well recentl ...