Latin America-based commerce giant MercadoLibre (NASDAQ: MELI) 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 500's year-to-date return.

Despite the underperformance, MercadoLibre's business has actually performed quite well recently. With a price-to-sales valuation close to an all-time low, could now be a smart time to buy this leader with tons of upside potential?

The short version is that MercadoLibre's business tells a completely different story than its stock performance. Here are just a few highlights from the first quarter of 2024:

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Source Fool.com