Cidel Asset Management Inc. Raises Stock Position in MercadoLibre, Inc. $MELI

Key Points

• Cidel Asset Management Inc. increased its stake in MercadoLibre, Inc. by 2.0%, acquiring an additional 198 shares, bringing its total holdings to 10,248 shares valued at $26.78 million.
• Recent analyst reports have shown a mixed outlook, with price targets ranging from $2,700.00 to $2,900.00, reflecting a consensus rating of "Moderate Buy".
• MercadoLibre reported a net margin of 8.52% with a revenue increase of 33.8% year-over-year, despite missing EPS estimates in its last quarterly earnings.

Cidel Asset Management Inc. lifted its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 2.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,248 shares of the company's stock after purchasing an additional 198 shares during the period. MercadoLibre comprises approximately 1.6% of Cidel Asset Management Inc.'s holdings, making the stock its 19th biggest holding. Cidel Asset Management Inc.'s holdings in MercadoLibre were worth $26,784,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Chicago Partners Investment Group LLC acquired a new position in shares of MercadoLibre in the 2nd quarter valued at $364,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in MercadoLibre in the 2nd quarter worth $10,193,000. Cottonwood Capital Advisors LLC acquired a new position in MercadoLibre in the 2nd quarter worth $261,000. Riverbend Wealth Management LLC acquired a new stake in shares of MercadoLibre in the 2nd quarter valued at about $261,000. Finally, Nordea Investment Management AB raised its stake in shares of MercadoLibre by 6.6% in the 2nd quarter. Nordea Investment Management AB now owns 89,454 shares of the company's stock valued at $231,130,000 after purchasing an additional 5,525 shares in the last quarter. 87.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Susquehanna lowered their price objective on shares of MercadoLibre from $2,975.00 to $2,900.00 and set a "positive" rating for the company in a research report on Monday, October 13th. Citigroup cut their target price on shares of MercadoLibre from $2,850.00 to $2,700.00 and set a "buy" rating for the company in a research note on Thursday, October 9th. Wedbush set a $2,700.00 price target on shares of MercadoLibre and gave the company an "outperform" rating in a report on Tuesday, August 5th. Daiwa Capital Markets assumed coverage on shares of MercadoLibre in a research note on Friday, August 1st. They issued a "buy" rating and a $3,000.00 price objective on the stock. Finally, Cantor Fitzgerald increased their price target on shares of MercadoLibre from $2,700.00 to $2,900.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $2,810.88.

MercadoLibre Trading Down 0.9%

MELI opened at $2,024.98 on Friday. The stock has a market capitalization of $102.67 billion, a PE ratio of 50.01, a PEG ratio of 1.37 and a beta of 1.46. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61. MercadoLibre, Inc. has a 1-year low of $1,646.00 and a 1-year high of $2,645.22. The firm has a 50-day moving average price of $2,336.31 and a two-hundred day moving average price of $2,349.61.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released its quarterly earnings data 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). MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.57 billion. During the same period in the previous year, the business earned $10.48 EPS. The firm's revenue was up 33.8% compared to the same quarter last year. As a group, equities analysts anticipate that MercadoLibre, Inc. will post 43.96 earnings per share for the current fiscal 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.

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