Bank Pictet & Cie Europe AG Purchases 2,157 Shares of MercadoLibre, Inc. $MELI

Key Points

• Bank Pictet & Cie Europe AG increased its MercadoLibre stake by 30.7% in the third quarter, purchasing 2,157 additional shares and bringing its total holdings to 9,175 shares valued at approximately $15.9 million.
• Institutional ownership remains substantial, with hedge funds and other institutions holding 87.62% of MercadoLibre’s outstanding shares; several major investors, including BlackRock and Jupiter Topco, recently initiated positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $2,251.88. The company also reported quarterly revenue growth of 49.8% year over year and earnings above analyst expectations.

Bank Pictet & Cie Europe AG grew its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 30.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,175 shares of the company's stock after buying an additional 2,157 shares during the period. Bank Pictet & Cie Europe AG's holdings in MercadoLibre were worth $15,859,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in MercadoLibre in the 2nd quarter valued at approximately $2,246,015,000. Jupiter Topco LLC bought a new stake in MercadoLibre during the 2nd quarter valued at $917,123,000. Linonia Partnership LP boosted its position in MercadoLibre by 325.1% during the 2nd quarter. Linonia Partnership LP now owns 553,788 shares of the company's stock worth $939,994,000 after acquiring an additional 423,527 shares during the period. Royal Bank of Canada boosted its position in MercadoLibre by 114.2% during the 1st quarter. Royal Bank of Canada now owns 444,603 shares of the company's stock worth $768,728,000 after acquiring an additional 237,008 shares during the period. Finally, Bank of America Corp DE bought a new position in shares of MercadoLibre in the second quarter worth $291,146,000. 87.62% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MELI shares. New Street Research began coverage on MercadoLibre in a report on Wednesday, September 23rd. They set a "buy" rating and a $2,450.00 price target on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of MercadoLibre in a report on Tuesday, September 29th. Citigroup decreased their target price on shares of MercadoLibre from $2,150.00 to $2,100.00 and set a "neutral" rating for the company in a research report on Tuesday, October 13th. Susquehanna increased their target price on shares of MercadoLibre to $2,400.00 and gave the company a "positive" rating in a research report on Tuesday, October 6th. Finally, BTIG Research reissued a "buy" rating and set a $2,150.00 target price on shares of MercadoLibre in a research note on Thursday, September 3rd. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $2,251.88.

MercadoLibre Price Performance

NASDAQ:MELI traded up $22.15 during mid-day trading on Tuesday, reaching $1,861.87. 150,423 shares of the stock were exchanged, compared to its average volume of 533,505. The company has a current ratio of 1.12, a quick ratio of 1.10 and a debt-to-equity ratio of 0.53. The business has a fifty day moving average price of $1,863.45 and a 200 day moving average price of $1,785.68. MercadoLibre, Inc. has a 1-year low of $1,495.00 and a 1-year high of $2,428.00. The firm has a market capitalization of $94.40 billion, a PE ratio of 50.66, a PEG ratio of 1.29 and a beta of 1.31.

MercadoLibre (NASDAQ:MELI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $9.19 earnings per share 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 company had revenue of $10.17 billion during the quarter, compared to the consensus estimate of $9.79 billion. During the same period in the prior year, the company earned $10.31 EPS. MercadoLibre's revenue was up 49.8% on a year-over-year basis. Research analysts expect that MercadoLibre, Inc. will post 38.09 earnings per share for the current fiscal year.

MercadoLibre Profile

MercadoLibre, Inc is a technology company that operates an online commerce and financial services ecosystem across Latin America. Founded in 1999 by Marcos Galperin, the company initially developed an online marketplace and has expanded into a broad platform connecting buyers and sellers with businesses and consumers.

Its commerce operations include the MercadoLibre marketplace, where users can purchase and sell products across numerous categories. The company also offers supporting services such as Mercado Envíos for shipping and logistics, Mercado Ads for digital advertising, and tools for merchants to manage their online businesses.

MercadoLibre's financial technology business is centered on Mercado Pago, which provides digital payment processing, online checkout, money transfer and account services.

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