Envestnet Portfolio Solutions Inc. Decreases Stake in MercadoLibre, Inc. $MELI

Key Points

• Envestnet Portfolio Solutions Inc. reduced its stake in MercadoLibre, Inc. by 6.4%, owning 3,402 shares worth approximately $8.89 million after selling 232 shares in the second quarter.
• Brokerages have issued varied target prices for MercadoLibre, with estimates ranging from $2,700.00 to $3,500.00, and a consensus rating of "Moderate Buy" based on analyst assessments.
• MercadoLibre reported earnings per share (EPS) of $10.31 for the recent quarter, missing estimates, while revenue rose by 33.8% year-over-year to $6.79 billion.

Envestnet Portfolio Solutions Inc. lowered its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 6.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 3,402 shares of the company's stock after selling 232 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in MercadoLibre were worth $8,892,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Optimize Financial Inc lifted its holdings in MercadoLibre by 1.7% in the 1st quarter. Optimize Financial Inc now owns 238 shares of the company's stock valued at $464,000 after purchasing an additional 4 shares in the last quarter. Beacon Capital Management LLC increased its stake in shares of MercadoLibre by 8.3% in the 1st quarter. Beacon Capital Management LLC now owns 65 shares of the company's stock worth $127,000 after acquiring an additional 5 shares during the last quarter. Range Financial Group LLC increased its stake in shares of MercadoLibre by 2.7% in the 2nd quarter. Range Financial Group LLC now owns 188 shares of the company's stock worth $491,000 after acquiring an additional 5 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. increased its stake in shares of MercadoLibre by 26.3% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 24 shares of the company's stock worth $63,000 after acquiring an additional 5 shares during the last quarter. Finally, Forum Financial Management LP increased its stake in shares of MercadoLibre by 3.1% in the 1st quarter. Forum Financial Management LP now owns 199 shares of the company's stock worth $388,000 after acquiring an additional 6 shares during the last quarter. Hedge funds and other institutional investors own 87.62% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MELI. Daiwa Capital Markets began coverage on MercadoLibre in a research note on Friday, August 1st. They issued a "buy" rating and a $3,000.00 target price for the company. Scotiabank began coverage on MercadoLibre in a research note on Monday, July 28th. They issued a "sector outperform" rating and a $3,500.00 target price for the company. Jefferies Financial Group reaffirmed a "hold" rating and issued a $2,800.00 target price on shares of MercadoLibre in a research note on Tuesday, August 5th. Citigroup cut their target price on 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. Finally, Barclays cut their target price on MercadoLibre from $3,100.00 to $3,000.00 and set an "overweight" rating for the company in a research note on Wednesday, July 23rd. One 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 company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $2,810.88.

MercadoLibre Stock Up 2.0%

Shares of NASDAQ:MELI opened at $2,175.91 on Tuesday. The business has a 50-day moving average price of $2,359.10 and a 200 day moving average price of $2,348.74. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $110.32 billion, a price-to-earnings ratio of 53.74, a PEG ratio of 1.43 and a beta of 1.46. MercadoLibre, Inc. has a 12-month low of $1,646.00 and a 12-month high of $2,645.22.

MercadoLibre (NASDAQ:MELI - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $12.01 by ($1.70). The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.The firm's revenue for the quarter was up 33.8% compared to the same quarter last year. During the same period in the previous year, the business posted $10.48 earnings per share. Sell-side analysts expect that MercadoLibre, Inc. will post 43.96 EPS for the current year.

About MercadoLibre

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.

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.