Bank of Nova Scotia Has $37.04 Million Position in MercadoLibre, Inc. $MELI

Bank of Nova Scotia trimmed its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 6.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,823 shares of the company's stock after selling 1,528 shares during the period. Bank of Nova Scotia's holdings in MercadoLibre were worth $37,044,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Laurel Wealth Advisors LLC acquired a new stake in shares of MercadoLibre in the 4th quarter valued at approximately $26,000. Transamerica Financial Advisors LLC acquired a new position in shares of MercadoLibre during the 4th quarter worth about $26,000. Purpose Unlimited Inc. acquired a new stake in MercadoLibre in the 4th quarter valued at about $28,000. Darwin Wealth Management LLC bought a new position in MercadoLibre during the second quarter worth about $29,000. Finally, Curio Wealth LLC acquired a new position in MercadoLibre during the fourth quarter worth approximately $30,000. Institutional investors own 87.62% of the company's stock.

MercadoLibre Price Performance

NASDAQ:MELI opened at $1,922.73 on Monday. MercadoLibre, Inc. has a 52 week low of $1,495.00 and a 52 week high of $2,548.50. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.10 and a current ratio of 1.12. The firm's 50-day simple moving average is $1,793.05 and its 200 day simple moving average is $1,773.33. The firm has a market cap of $97.48 billion, a price-to-earnings ratio of 52.29, a P/E/G ratio of 1.32 and a beta of 1.34.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $9.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $8.65 by $0.54. MercadoLibre had a net margin of 5.30% and a return on equity of 26.54%. The firm had revenue of $10.17 billion during the quarter, compared to the consensus estimate of $9.79 billion. During the same quarter in the previous year, the firm posted $10.31 EPS. The business's revenue for the quarter was up 49.8% compared to the same quarter last year. As a group, sell-side analysts predict that MercadoLibre, Inc. will post 39.11 earnings per share for the current year.

Wall Street Analyst Weigh In

MELI has been the subject of several research analyst reports. Benchmark reduced their target price on MercadoLibre from $2,780.00 to $2,380.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Raymond James Financial set a $2,000.00 price target on MercadoLibre in a research note on Friday, May 8th. BTIG Research reiterated a "buy" rating and issued a $2,150.00 price objective on shares of MercadoLibre in a report on Thursday, August 6th. Scotiabank dropped their price objective on shares of MercadoLibre from $3,500.00 to $2,800.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 7th. Finally, Cantor Fitzgerald raised their target price on shares of MercadoLibre from $2,150.00 to $2,300.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, MercadoLibre currently has a consensus rating of "Moderate Buy" and a consensus price target of $2,272.00.

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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