Bank of America Corp DE Sells 64,277 Shares of MercadoLibre, Inc. $MELI

Key Points

• Bank of America reduced its MercadoLibre stake by 24.3% in the first quarter, selling 64,277 shares and retaining 200,315 shares worth approximately $346.3 million. Institutional investors collectively own 87.62% of the company.
• MercadoLibre reported quarterly revenue of $8.85 billion, up 49% year over year and above expectations, but earnings of $8.23 per share missed the $8.75 consensus estimate.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $2,258.67 versus the stock’s reported price of $1,877.95.

Bank of America Corp DE decreased its holdings in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 24.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 200,315 shares of the company's stock after selling 64,277 shares during the period. Bank of America Corp DE owned approximately 0.40% of MercadoLibre worth $346,348,000 as of its most recent SEC filing.

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

MercadoLibre Stock Performance

NASDAQ:MELI opened at $1,877.95 on Monday. The company has a 50-day moving average price of $1,728.64 and a 200-day moving average price of $1,802.56. The stock has a market cap of $95.21 billion, a price-to-earnings ratio of 49.56, a P/E/G ratio of 1.16 and a beta of 1.34. The company has a current ratio of 1.16, a quick ratio of 1.14 and a debt-to-equity ratio of 0.63. MercadoLibre, Inc. has a 12 month low of $1,495.00 and a 12 month high of $2,548.50.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced 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). MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. The company had revenue of $8.85 billion for the quarter, compared to analysts' expectations of $8.29 billion. During the same quarter in the prior year, the firm earned $9.74 EPS. MercadoLibre's quarterly revenue was up 49.0% compared to the same quarter last year. Equities analysts predict that MercadoLibre, Inc. will post 41 EPS for the current year.

Insiders Place Their Bets

In other news, Director Alejandro Nicolas Aguzin bought 600 shares of MercadoLibre stock in a transaction on Friday, May 22nd. The shares were purchased at an average price of $1,655.93 per share, for a total transaction of $993,558.00. Following the acquisition, the director owned 5,355 shares of the company's stock, valued at approximately $8,867,505.15. The trade was a 12.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.26% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group raised MercadoLibre from a "hold" rating to a "buy" rating and lowered their target price for the company from $2,800.00 to $2,600.00 in a research note on Tuesday, April 7th. Zacks Research upgraded MercadoLibre from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Raymond James Financial set a $2,000.00 price target on MercadoLibre in a research note on Friday, May 8th. Scotiabank lowered their price objective on MercadoLibre from $3,500.00 to $2,800.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. dropped their price objective on MercadoLibre from $2,100.00 to $1,900.00 and set a "neutral" rating for the company in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $2,258.67.

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.

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