E Fund Management Co. Ltd. Purchases 693 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• E Fund Management Co. Ltd. increased its stake in MercadoLibre by 114.9%, acquiring an additional 693 shares, bringing its total to 1,296 shares worth approximately $2.53 million.
• Research firms have varied ratings on MercadoLibre, with price targets ranging from $2,600 to $3,100, while the consensus rating is a "Moderate Buy" with an average target of $2,795.
• MercadoLibre reported Q2 earnings of $10.31 per share, missing estimates, but had revenue of $6.79 billion, exceeding forecasts, marking a 33.8% increase compared to the previous year.

E Fund Management Co. Ltd. grew its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 114.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,296 shares of the company's stock after acquiring an additional 693 shares during the quarter. E Fund Management Co. Ltd.'s holdings in MercadoLibre were worth $2,528,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Banco Santander S.A. grew its stake in shares of MercadoLibre by 221.9% in the 1st quarter. Banco Santander S.A. now owns 2,746 shares of the company's stock valued at $5,357,000 after purchasing an additional 1,893 shares during the period. Prospect Financial Services LLC grew its stake in shares of MercadoLibre by 41.7% in the 1st quarter. Prospect Financial Services LLC now owns 340 shares of the company's stock valued at $663,000 after purchasing an additional 100 shares during the period. Stratos Investment Management LLC bought a new stake in shares of MercadoLibre in the 1st quarter valued at approximately $203,000. JARISLOWSKY FRASER Ltd grew its stake in shares of MercadoLibre by 43.6% in the 4th quarter. JARISLOWSKY FRASER Ltd now owns 3,249 shares of the company's stock valued at $5,525,000 after purchasing an additional 987 shares during the period. Finally, Avant Financial Advisors LLC bought a new stake in shares of MercadoLibre in the 4th quarter valued at approximately $316,000. Institutional investors own 87.62% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on MELI. Wedbush lowered their price objective on MercadoLibre from $2,800.00 to $2,700.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 5th. JPMorgan Chase & Co. upped their price objective on MercadoLibre from $2,600.00 to $2,700.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $2,700.00 price objective on shares of MercadoLibre in a research note on Tuesday, August 5th. Barclays decreased their price target on MercadoLibre from $3,100.00 to $3,000.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. Finally, UBS Group set a $3,000.00 price target on MercadoLibre in a research report on Monday, June 2nd. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, MercadoLibre currently has a consensus rating of "Moderate Buy" and an average price target of $2,795.00.

MercadoLibre Stock Up 2.6%

NASDAQ:MELI opened at $2,350.83 on Wednesday. The stock's fifty day moving average price is $2,426.54 and its two-hundred day moving average price is $2,251.59. 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 cap of $119.19 billion, a price-to-earnings ratio of 58.06, a P/E/G ratio of 1.46 and a beta of 1.46. MercadoLibre, Inc. has a 52-week low of $1,646.00 and a 52-week high of $2,645.22.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its quarterly 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). The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.57 billion. MercadoLibre had a net margin of 8.52% and a return on equity of 43.06%. The business's revenue for the quarter was up 33.8% compared to the same quarter last year. During the same period last year, the company earned $10.48 EPS. On average, analysts anticipate that MercadoLibre, Inc. will post 43.96 EPS for the current year.

MercadoLibre 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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