Independence Bank of Kentucky Acquires 333 Shares of MercadoLibre, Inc. $MELI

Independence Bank of Kentucky lifted its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 72.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 790 shares of the company’s stock after purchasing an additional 333 shares during the period. Independence Bank of Kentucky’s holdings in MercadoLibre were worth $1,366,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bison Wealth LLC bought a new stake in MercadoLibre during the 4th quarter valued at $206,000. Empowered Funds LLC raised its position in shares of MercadoLibre by 6.9% in the 1st quarter. Empowered Funds LLC now owns 760 shares of the company’s stock worth $1,483,000 after acquiring an additional 49 shares in the last quarter. Focus Partners Wealth raised its position in shares of MercadoLibre by 42.0% in the 1st quarter. Focus Partners Wealth now owns 602 shares of the company’s stock worth $1,176,000 after acquiring an additional 178 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of MercadoLibre during the 2nd quarter worth $261,000. Finally, Gamco Investors INC. ET AL boosted its position in MercadoLibre by 21.4% during the second quarter. Gamco Investors INC. ET AL now owns 170 shares of the company’s stock valued at $444,000 after purchasing an additional 30 shares in the last quarter. 87.62% of the stock is currently owned by institutional investors.

MercadoLibre Stock Performance

Shares of NASDAQ:MELI traded up $44.39 on Friday, hitting $1,852.22. 406,269 shares of the company were exchanged, compared to its average volume of 405,449. MercadoLibre, Inc. has a 1-year low of $1,495.00 and a 1-year high of $2,548.50. The stock’s 50 day moving average price is $1,675.89 and its 200 day moving average price is $1,827.82. The company has a current ratio of 1.16, a quick ratio of 1.14 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $93.91 billion, a P/E ratio of 48.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.35.

MercadoLibre (NASDAQ:MELI) last released its 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). MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the company earned $9.74 earnings per share. MercadoLibre’s revenue was up 49.0% on a year-over-year basis. Sell-side analysts predict that MercadoLibre, Inc. will post 40.97 EPS for the current year.

Insider Activity

In other news, Director Alejandro Nicolas Aguzin bought 600 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was purchased at an average price of $1,655.93 per share, with a total value of $993,558.00. Following the completion of the acquisition, the director directly owned 5,355 shares of the company’s stock, valued at $8,867,505.15. This trade represents a 12.62% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.26% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MELI shares. UBS Group cut their target price on MercadoLibre from $2,050.00 to $1,750.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. JPMorgan Chase & Co. decreased their price target on shares of MercadoLibre from $2,100.00 to $1,900.00 and set a “neutral” rating for the company in a research report on Wednesday, May 13th. Citigroup cut shares of MercadoLibre from a “buy” rating to a “neutral” rating and lowered their price target for the company from $2,200.00 to $1,950.00 in a report on Wednesday, May 13th. Cantor Fitzgerald cut their price objective on shares of MercadoLibre from $2,400.00 to $2,350.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. Finally, Scotiabank reduced their price objective on shares of MercadoLibre from $3,500.00 to $2,800.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $2,255.33.

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.