Up 66% YTD, Is MercadoLibre Stock (NASDAQ:MELI) Still Worth Buying?

E-commerce platform MercadoLibre (NASDAQ:MELI) has been among the hottest tech stocks in the past decade, creating significant wealth for shareholders. Since its IPO in August 2007, MELI stock has returned a staggering 6,347%, valuing the company at $69.5 billion by market cap. While shares of MercadoLibre have surged 66% in 2023, the stock is still down 32% from all-time highs, providing a dip-buy opportunity, in my view.

I remain bullish on MercadoLibre, as it is part of a rapidly expanding addressable market, allowing the company to increase revenue and earnings at an enviable pace in the next few years. Moreover, its widening portfolio of products and services should further diversify its revenue base, push profit margins higher, and act as a flywheel for MELI stock.