Salem Investment Counselors Inc. Raises Holdings in MercadoLibre, Inc. $MELI

Salem Investment Counselors Inc. increased its position in MercadoLibre, Inc. (NASDAQ:MELI) by 14.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,399 shares of the company’s stock after purchasing an additional 311 shares during the period. Salem Investment Counselors Inc.’s holdings in MercadoLibre were worth $4,832,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Darwin Wealth Management LLC bought a new position in shares of MercadoLibre during the 2nd quarter valued at approximately $29,000. Holos Integrated Wealth LLC bought a new stake in MercadoLibre in the fourth quarter worth $32,000. Steigerwald Gordon & Koch Inc. purchased a new stake in MercadoLibre during the third quarter valued at $35,000. Caitong International Asset Management Co. Ltd purchased a new stake in MercadoLibre during the third quarter valued at $35,000. Finally, Cullen Frost Bankers Inc. lifted its position in MercadoLibre by 100.0% during the third quarter. Cullen Frost Bankers Inc. now owns 16 shares of the company’s stock valued at $37,000 after purchasing an additional 8 shares during the last quarter. 87.62% of the stock is owned by institutional investors.

MercadoLibre Stock Performance

Shares of NASDAQ:MELI opened at $1,666.08 on Tuesday. The firm has a market cap of $84.47 billion, a PE ratio of 42.29, a price-to-earnings-growth ratio of 0.80 and a beta of 1.48. The firm’s 50 day simple moving average is $1,938.48 and its 200-day simple moving average is $2,083.94. MercadoLibre, Inc. has a one year low of $1,631.18 and a one year high of $2,645.22. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.17.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $11.03 EPS for the quarter, missing the consensus estimate of $11.66 by ($0.63). The firm had revenue of $8.76 billion for the quarter, compared to analysts’ expectations of $8.45 billion. MercadoLibre had a net margin of 6.91% and a return on equity of 33.73%. The business’s quarterly revenue was up 44.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $12.61 EPS. As a group, equities analysts predict that MercadoLibre, Inc. will post 43.96 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. BTIG Research reduced their target price on shares of MercadoLibre from $2,650.00 to $2,400.00 and set a “buy” rating on the stock in a report on Friday. Weiss Ratings cut MercadoLibre from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 8th. Cantor Fitzgerald decreased their price objective on MercadoLibre from $2,750.00 to $2,400.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. Dbs Bank raised MercadoLibre from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, December 2nd. Finally, Zacks Research upgraded MercadoLibre from a “strong sell” rating to a “hold” rating in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $2,708.67.

MercadoLibre Profile

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.