Magellan Asset Management Ltd Cuts Stake in MercadoLibre, Inc. (NASDAQ:MELI)

Magellan Asset Management Ltd lowered its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 8.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,981 shares of the company’s stock after selling 1,035 shares during the quarter. Magellan Asset Management Ltd’s holdings in MercadoLibre were worth $21,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Bank Pictet & Cie Europe AG acquired a new stake in shares of MercadoLibre during the fourth quarter worth about $561,000. Scotia Capital Inc. lifted its holdings in shares of MercadoLibre by 124.6% during the fourth quarter. Scotia Capital Inc. now owns 584 shares of the company’s stock worth $993,000 after purchasing an additional 324 shares during the period. Treasurer of the State of North Carolina lifted its holdings in shares of MercadoLibre by 139.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 599 shares of the company’s stock worth $1,019,000 after purchasing an additional 349 shares during the period. Covestor Ltd acquired a new stake in shares of MercadoLibre during the fourth quarter worth about $27,000. Finally, Townsquare Capital LLC lifted its holdings in shares of MercadoLibre by 65.9% during the fourth quarter. Townsquare Capital LLC now owns 2,957 shares of the company’s stock worth $5,028,000 after purchasing an additional 1,175 shares during the period. Institutional investors own 87.62% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MELI shares. UBS Group set a $3,000.00 target price on MercadoLibre in a report on Monday, June 2nd. Benchmark reiterated a “buy” rating and set a $2,875.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. Wall Street Zen cut MercadoLibre from a “buy” rating to a “hold” rating in a research report on Sunday, June 22nd. Jefferies Financial Group reiterated a “hold” rating and set a $2,800.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. Finally, Citigroup reiterated a “buy” rating on shares of MercadoLibre in a research report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,795.00.

MercadoLibre Stock Performance

NASDAQ MELI opened at $2,353.70 on Friday. The stock’s fifty day moving average is $2,437.60 and its two-hundred day moving average is $2,244.85. The firm has a market capitalization of $119.33 billion, a P/E ratio of 58.13, a price-to-earnings-growth ratio of 1.44 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. MercadoLibre, Inc. has a fifty-two week low of $1,646.00 and a fifty-two week high of $2,645.22.

MercadoLibre (NASDAQ:MELI) last released its quarterly earnings data on Monday, August 4th. The company reported $10.31 earnings per share for the quarter, missing analysts’ consensus estimates of $12.01 by ($1.70). The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%. The business’s quarterly revenue was up 33.8% on a year-over-year basis. During the same period last year, the firm posted $10.48 EPS. On average, research analysts anticipate that MercadoLibre, Inc. will post 43.96 earnings per share for the current year.

MercadoLibre Company Profile

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.