Allspring Global Investments Holdings LLC Sells 13,037 Shares of MercadoLibre, Inc. $MELI

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in MercadoLibre by 10.5%, selling 13,037 shares, leaving it with approximately $277 million worth of stock.
• Research firms have varying ratings for MercadoLibre, with a consensus rating of "Moderate Buy" and a target price averaging around $2,815.29.
• MercadoLibre reported a net margin of 8.52% in its latest quarterly earnings, with revenue reaching $6.79 billion, a year-over-year increase of 33.8% despite an earnings per share miss compared to estimates.

Allspring Global Investments Holdings LLC reduced its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 10.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 110,857 shares of the company's stock after selling 13,037 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.22% of MercadoLibre worth $277,298,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Key Financial Inc bought a new position in shares of MercadoLibre during the 1st quarter worth approximately $25,000. GW&K Investment Management LLC bought a new position in shares of MercadoLibre during the 1st quarter worth approximately $25,000. Close Asset Management Ltd grew its stake in shares of MercadoLibre by 366.7% during the 1st quarter. Close Asset Management Ltd now owns 14 shares of the company's stock worth $27,000 after acquiring an additional 11 shares in the last quarter. Brooklyn Investment Group grew its stake in shares of MercadoLibre by 650.0% in the first quarter. Brooklyn Investment Group now owns 15 shares of the company's stock valued at $29,000 after buying an additional 13 shares in the last quarter. Finally, Twin Tree Management LP bought a new position in shares of MercadoLibre in the first quarter valued at $29,000. 87.62% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MELI. Benchmark reissued a "buy" rating and issued a $2,875.00 target price on shares of MercadoLibre in a research note on Tuesday, August 5th. Jefferies Financial Group reissued a "hold" rating and issued a $2,800.00 target price on shares of MercadoLibre in a research note on Tuesday, August 5th. Wall Street Zen cut shares of MercadoLibre from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. Raymond James Financial reissued a "strong-buy" rating and issued a $2,750.00 target price on shares of MercadoLibre in a research note on Tuesday, August 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of MercadoLibre from $2,700.00 to $2,600.00 and set a "neutral" rating for the company in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $2,815.29.

MercadoLibre Trading Down 6.2%

Shares of MercadoLibre stock opened at $2,133.67 on Monday. The business has a fifty day simple moving average of $2,363.50 and a two-hundred day simple moving average of $2,347.84. MercadoLibre, Inc. has a 1 year low of $1,646.00 and a 1 year high of $2,645.22. The company has a market capitalization of $108.18 billion, a price-to-earnings ratio of 52.70, a P/E/G ratio of 1.43 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.20 and a quick ratio of 1.18.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $12.01 by ($1.70). MercadoLibre had a net margin of 8.52% and a return on equity of 43.06%. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.57 billion. During the same period in the prior year, the business earned $10.48 EPS. The company's revenue for the quarter was up 33.8% compared to the same quarter last year. Research analysts forecast that MercadoLibre, Inc. will post 43.96 EPS for the current year.

MercadoLibre 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.

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