Centric Wealth Management Takes Position in MercadoLibre, Inc. $MELI

Key Points

• Centric Wealth Management has invested approximately $218,000 in MercadoLibre, Inc. (NASDAQ:MELI) by acquiring 112 shares in the first quarter.
• Institutional investors now hold 87.62% of MercadoLibre's stock, showcasing significant interest from major financial entities in the company.
• Analysts have mixed sentiment, with MercadoLibre receiving a consensus rating of "Moderate Buy" and a target price averaging around $2,817.22.

Centric Wealth Management purchased a new position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 112 shares of the company's stock, valued at approximately $218,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jennison Associates LLC grew its stake in MercadoLibre by 1.6% in the first quarter. Jennison Associates LLC now owns 1,154,116 shares of the company's stock worth $2,251,531,000 after purchasing an additional 18,731 shares during the period. Invesco Ltd. grew its stake in MercadoLibre by 22.4% in the first quarter. Invesco Ltd. now owns 570,967 shares of the company's stock worth $1,113,881,000 after purchasing an additional 104,554 shares during the period. GQG Partners LLC grew its stake in MercadoLibre by 23.5% in the first quarter. GQG Partners LLC now owns 461,875 shares of the company's stock worth $901,058,000 after purchasing an additional 87,912 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in MercadoLibre by 14.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 454,150 shares of the company's stock worth $772,255,000 after purchasing an additional 57,806 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in MercadoLibre by 18.7% in the first quarter. Goldman Sachs Group Inc. now owns 450,444 shares of the company's stock worth $878,757,000 after purchasing an additional 70,834 shares during the period. 87.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MELI has been the topic of several analyst reports. Citigroup dropped their target price on MercadoLibre from $2,900.00 to $2,850.00 and set a "buy" rating on the stock in a report on Monday, August 18th. Barclays lowered their price target on MercadoLibre from $3,100.00 to $3,000.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. UBS Group set a $3,000.00 price target on MercadoLibre in a report on Monday, June 2nd. The Goldman Sachs Group increased their target price on MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, Daiwa Capital Markets initiated coverage on MercadoLibre in a research report on Friday, August 1st. They issued a "buy" rating and a $3,000.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, MercadoLibre has a consensus rating of "Moderate Buy" and an average target price of $2,817.22.

MercadoLibre Price Performance

Shares of NASDAQ:MELI traded up $25.81 during trading on Thursday, hitting $2,398.93. 98,367 shares of the company's stock were exchanged, compared to its average volume of 386,544. 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, Inc. has a 52-week low of $1,646.00 and a 52-week high of $2,645.22. The business's 50-day simple moving average is $2,407.77 and its 200 day simple moving average is $2,295.49. The company has a market cap of $121.63 billion, a price-to-earnings ratio of 59.25, a PEG ratio of 1.61 and a beta of 1.49.

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

MercadoLibre Company 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.