Costello Asset Management INC Grows Stock Position in MercadoLibre, Inc. $MELI

Key Points

• Costello Asset Management INC increased its stake in MercadoLibre, Inc. by 434.3%, acquiring 577 shares valued at approximately $1.51 million.
• MercadoLibre reported earnings per share of $10.31 for the last quarter, falling short of estimates, but saw a 33.8% year-over-year revenue growth.
• Several research firms, including Raymond James and Barclays, adjusted their price targets for MercadoLibre stock, with the consensus target now at $2,814.44.

Costello Asset Management INC lifted its stake in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 434.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 577 shares of the company's stock after buying an additional 469 shares during the period. Costello Asset Management INC's holdings in MercadoLibre were worth $1,509,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Key Financial Inc purchased a new position in shares of MercadoLibre in the first quarter worth about $25,000. GW&K Investment Management LLC bought a new position in MercadoLibre during the 1st quarter valued at approximately $25,000. Close Asset Management Ltd raised its position in MercadoLibre by 366.7% during the 1st quarter. Close Asset Management Ltd now owns 14 shares of the company's stock valued at $27,000 after purchasing an additional 11 shares during the last quarter. Brooklyn Investment Group raised its position in MercadoLibre by 650.0% during the 1st quarter. Brooklyn Investment Group now owns 15 shares of the company's stock valued at $29,000 after purchasing an additional 13 shares during the last quarter. Finally, Twin Tree Management LP bought a new position in MercadoLibre during the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 87.62% of the company's stock.

MercadoLibre Stock Up 4.4%

MELI stock opened at $2,275.00 on Friday. MercadoLibre, Inc. has a fifty-two week low of $1,646.00 and a fifty-two week high of $2,645.22. The business's 50 day moving average price is $2,368.34 and its two-hundred day moving average price is $2,344.62. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. The company has a market capitalization of $115.34 billion, a price-to-earnings ratio of 56.19, a price-to-earnings-growth ratio of 1.46 and a beta of 1.46.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $10.31 earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $6.57 billion. During the same quarter last year, the company posted $10.48 EPS. The firm's revenue was up 33.8% on a year-over-year basis. As a group, analysts forecast that MercadoLibre, Inc. will post 43.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on MELI. Raymond James Financial reaffirmed a "strong-buy" rating and set a $2,750.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. Wedbush set a $2,700.00 price target on MercadoLibre and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Barclays lowered their price target on MercadoLibre from $3,100.00 to $3,000.00 and set an "overweight" rating for the company in a research report on Wednesday, July 23rd. Citigroup lowered their price target on MercadoLibre from $2,850.00 to $2,700.00 and set a "buy" rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. reduced their target price on MercadoLibre from $2,700.00 to $2,600.00 and set a "neutral" rating on the stock in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $2,814.44.

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.

Want to see what other hedge funds are holding MELI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MercadoLibre, Inc. (NASDAQ:MELI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.