Sumitomo Mitsui Trust Group Inc. Sells 5,747 Shares of MercadoLibre, Inc. $MELI

Sumitomo Mitsui Trust Group Inc. reduced its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 3.0% during the first quarter, according to its most recent filing with the SEC. The fund owned 187,916 shares of the company’s stock after selling 5,747 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in MercadoLibre were worth $324,911,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Laurel Wealth Advisors LLC purchased a new stake in MercadoLibre during the fourth quarter worth about $26,000. Transamerica Financial Advisors LLC purchased a new position in MercadoLibre in the fourth quarter valued at about $26,000. Purpose Unlimited Inc. purchased a new position in MercadoLibre in the fourth quarter valued at about $28,000. Darwin Wealth Management LLC bought a new position in shares of MercadoLibre during the 2nd quarter valued at approximately $29,000. Finally, Curio Wealth LLC bought a new position in shares of MercadoLibre during the 4th quarter valued at approximately $30,000. 87.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MELI. BTIG Research restated a “buy” rating and set a $2,150.00 price target on shares of MercadoLibre in a research note on Tuesday, June 2nd. Cantor Fitzgerald dropped their price objective on MercadoLibre from $2,400.00 to $2,350.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. JPMorgan Chase & Co. reduced their price objective on MercadoLibre from $2,100.00 to $1,900.00 and set a “neutral” rating for the company in a report on Wednesday, May 13th. Benchmark decreased their target price on MercadoLibre from $2,780.00 to $2,380.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Finally, Scotiabank lowered their target price on MercadoLibre from $3,500.00 to $2,800.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $2,255.33.

Insiders Place Their Bets

In other MercadoLibre news, Director Alejandro Nicolas Aguzin bought 600 shares of the stock in a transaction on Friday, May 22nd. The shares were acquired at an average price of $1,655.93 per share, with a total value of $993,558.00. Following the acquisition, the director directly owned 5,355 shares of the company’s stock, valued at $8,867,505.15. The trade was a 12.62% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

MercadoLibre Price Performance

Shares of NASDAQ:MELI opened at $1,809.38 on Thursday. The company has a quick ratio of 1.14, a current ratio of 1.16 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $91.74 billion, a PE ratio of 47.75, a P/E/G ratio of 1.12 and a beta of 1.35. MercadoLibre, Inc. has a twelve month low of $1,495.00 and a twelve month high of $2,548.50. The company has a 50-day moving average price of $1,673.87 and a two-hundred day moving average price of $1,828.99.

MercadoLibre (NASDAQ:MELI) last posted its quarterly earnings results on Thursday, May 7th. The company reported $8.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.75 by ($0.52). The business had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.29 billion. MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. The business’s revenue for the quarter was up 49.0% on a year-over-year basis. During the same period last year, the firm earned $9.74 EPS. Equities analysts forecast that MercadoLibre, Inc. will post 40.97 EPS for the current year.

About MercadoLibre

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.